Hi,

I really need your help on this question. Please provide the correct journal entry. Thank you!

Bart's Company has prepared the PP\&E and depreciation schedule shown in Exhibit 8.54.1 below. The following Information Is available. (Assume the beginning balance has been audited): - The land was purchased eight years ago when bullding 1 was erected. The location was then remote but now Is bordered by a major freeway. The appraised value of the land is $35 million. - Bullding 1 has an estimated useful life of 35 years and no residual value. - Bullding 2 was bullt by a local contractor this year. It also has an estimated useful life of 35 years and no residual value. The company occupled it on May 1 this year. - Computer A system was purchased January 1 slx years ago when the estimated useful life was eight years with no residual value. was sold on May 1 for $500,000. - Computer B system was placed in operation as soon as Computer A system was sold. It Is estimated to be in use for six years with no residual value at the end. - The company estimated the useful life of the press at 20 years with no residual value. - Auto 1 was sold during the year for $1,000. - Auto 2 was purchased on July 1 . The company expects to use it five years and then sell it for $2,000. - All depreclation is calculated on the straight-line method using months of service. Requlred: a. Verify the depreclation calculations. Are there any errors? Put the errors In the form of an adjusting journal entry, assuming that 90 percent of the depreciation on the bulldings and the press has been charged to Cost of Goods Sold and 10 percent is still capltalized In the Inventory, and the other depreciation expense is classlfied as General and Administrative Expense (I.e., bullding and press depreclation Is considered a product cost; Inventory on hand Includes 10 percent of the depreclation expense for bulldings and the press: $180,700; Cost of Goods Sold contains the other 90 percent: $1,626,300 ). (If no entry Is required for a transactlon/event, select "No journal entry requlred". Do not round Intermedlate calculations. Round your answers to the nearest whole dollar amount. Enter your answers in dollars and not In millions or thousands of dollars.)