Question
Endblast Productions showed the following selected asset balances on December 31, 2020: Land $ 444,800 Building 574,400 Accumulated depreciation, building 1 412,800 Equipment 195,200 Accumulated
Endblast Productions showed the following selected asset balances on December 31, 2020:
Land | $ | 444,800 | |
Building | 574,400 | ||
Accumulated depreciation, building1 | 412,800 | ||
Equipment | 195,200 | ||
Accumulated depreciation, equipment2 | 50,000 | ||
1Remaining estimated useful life is eight years with a residual value of $20,000; depreciated using the straight-line method to the nearest whole month. 2Total estimated useful life is 10 years with a residual value of $24,000; depreciated using the double-declining-balance method to the nearest whole month. Required: Prepare the entries for each of the following. (Round intermediate calculations to the nearest whole dollar.) 1. The land and building were sold on September 27, 2021, for $616,000 cash.
a. Record building depreciation for 2021.
b. Record sale of land and building.
2. The equipment was sold on November 2, 2021, for $95,000 cash.
a.Record building depreciation for 2021.
b. Record sale of equipment.
b.
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