Answered step by step
Verified Expert Solution
Question
1 Approved Answer
help please! (i also attched part one of the question that i already have correct because its a 3 part question) 2 Solich Sandwich Shop
help please! (i also attched part one of the question that i already have correct because its a 3 part question)
2 Solich Sandwich Shop had the following long-term asset balances as of December 31, 2021: Accumulated Cost Depreciation Book Value Land $ 94,000 $ 94,000 Building 459,000 $(87,210) 371,790 Equipment 263,000 (49,800) 213,200 Patent 245,000 (98,000) 147,000 13 Solich purchased all the assets at the beginning of 2019 (3 years ago). The building is depreciated over a 20-year service life using the double-declining-balance method and estimating no residual value. The equipment is depreciated over a 10- year useful life using the straight-line method with an estimated residual value of $14,000. The patent is estimated to have a five-year service life with no residual value and is amortized using the straight-line method. Depreciation and amortization have been recorded for 2019 and 2020. Required: 1. For the year ended December 31, 2021, record depreciation expense for buildings and equipment Land is not depreciated. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) No Transaction Answer is complete and correct. General Journal Depreciation Expense Accumulated Depreciation Credit Debit 37,179 1 1 00 37179 2 2 24.900 Depreciation Expense Accumulated Depreciation 24.900 MacBook Air 90 seg 3 72 F4 00 F2 DD 59 75 F6 F 510 $ A 2 %23 3 4 % 5 & 7 6 * 00 8 9 0 7 IwTE W R T Solich Sandwich Shop had the following long-term asset balances as of December 31, 2021 Accumulated Depreciation Land Building Equipment Patent Cost $ 94,000 459,000 263,000 245,000 $187,210) (49.800) X98,000) Book Value 594,000 371,790 213,200 147,000 Solich purchased all the assets at the beginning of 2019 (3 years ago). The building is depreciated over a 20-year service life using the double-declining-balance method and estimating no residual value. The equipment is depreciated over a 10- year useful life using the straight-line method with an estimated residual value of $14,000. The patent is estimated to have a five-year service life with no residual value and is amortized using the straight-line method, Depreciation and amortization have been recorded for 2019 and 2020. 2. For the year ended December 31, 2021, record amortization expense for the patent. (if no entry is required for a transaction/event select "No Journal Entry Required in the first account field.) View transaction lit Journal entry worksheet MacBook Air DO 2009 90 73 :: 77 : A $ 4 % 5 & 7 00* 2 3 6 8 9 0 W E 20 T Y U 0 13 Required information It 2 of 3 View transaction list Journal entry worksheet MacBook Air 30 F3 888 DU F2 Q 7 15 15 # A N . 1 2 $ 4 % 5 3 6 & 7 8 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started