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i need help with.... Prepare the entry to record depreciation on the building in 2022. (Round answers to 0 decimal places, e.g. 125. Credit account
i need help with....
Prepare the entry to record depreciation on the building in 2022. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Victor Mineli, the new controller of Carla Vista Co. has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Useful Life (in years) Salvage Value Type of Asset Date Acquired Accumulated Depreciation, Jan. 1,2022 Cost Old Proposed Old Proposed Building Jan. 1, 2014 $979,500 $183,300 40 58 $63,000 $37.100 Warehouse Jan. 1. 2017 151.500 29.290 25 20 5.050 4.610 All assets are depreciated by the straight-line method. Carla Vista Co. uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life is total life, not remaining life.) Your answer is correct. Compute the revised annual depreciation on each asset in 2022. (Round answers to O decimal places, eg. 125.) Building Warehouse Revised annual depreciation S 15.182 $ 7840 e Textbook and Media Assistance Used e Textbook Video List of Accounts Your answer is partially correct. Prepare the entry to record depreciation on the building in 2022. (Round answers to decimal places, eg. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Account Titles and Explanation Debit Credit Depreciation Expense 1 Accumulated Depreciation-Buildings
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