Question
Hardware Consultants purchased a building for $938,000 and depreciated it on astraight-line basis over a 40 -year period. The estimated residual value is $98,000 .
Hardware Consultants purchased a building for
$938,000 and depreciated it on astraight-line basis over a
40-year period. The estimated residual value is
$98,000. After using the building for 15years, Boston
Boston realized that wear and tear on the building would wear it out before 40
years and that the estimated residual value should be
$86,000. Starting with the 16thyear, Boston
Boston began depreciating the building over a revised total life of 35
35 years using the new residual value. Journalize depreciation expense on the building for years 15 and 16. (Record debitsfirst, then credits. Select the explanation on the last line of the journal entrytable.
Begin by journalizing the depreciation on the building for year 15.
Date
Accounts and Explanation
Debit
Credit
Now, journalize the depreciation on the building for year 16.
Date
Accounts and Explanation
Debit
Credit
Choose from any list or enter any number in the input fields and then continue to the next question.
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