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Module 6: Accounting for Fixed Assets Accounting for Fixed Assets Sin City Entertainment owns a number of casinos in Las Vegas and has decided to expand to Atlantic City. Prepare the entries to report the following activity, and show how this activity changes Sin City's 2015 year-end financial statements. 1. On January 1, 2015, Sin City invested $110 million in a casino in Atlantic City. At the time of the purchase, the land was appraised for $10 million and the building was appraised at $100 million. 2. During 2015, Sin City invested another $50 million into renovating the casino. 3. Sin City's management determines that the casino has a useful life of 40 years and a $30 million salvage value. Sin City uses the straight line method of depreciation. DATE ACCOUNT NAME DEBIT CREDIT BALANCE SHEET A 01/01/15 12/31/15 12/31/15 Statement of Cash Flows Purchase and renovation Income Statement Depreciation expense Balance Sheet Cash Land Buildings, net Total Assets 2015 = L + E INCOME STMT R - E Module 6: Accounting for Fixed Assets Retained earnings Total Liabilities & Equity Fast forward to the end of 2020: Sin City is presented with an offer for the Atlantic City casino that it can't refuse. Corleone Gaming pays Sin City $120 million for the casino. Assume 2020 depreciation expense has already been recorded at the time of the sale. Record the entry made by Sin City on December 30, 2020, to reflect the sale of the casino. DATE ACCOUNT NAME DEBIT CREDIT BALANCE SHEET A 12/30/20 Statement of Cash Flows 2020 Sale of casino (I) Income Statement Loss on sale Balance Sheet Cash Land Buildings, net Total Assets Retained earnings Total Liabilities & Equity = L + E INCOME STMT R - E