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Luxury Tours over Georgia paid $96,000 for a concession stand. Luxury Tours started out depreciating the building using the straight-line method over 16 years with
Luxury Tours over Georgia paid $96,000 for a concession stand. Luxury Tours started out depreciating the building using the straight-line method over 16 years with zero residual value. After using the concession stand for 4 years, Luxury Tours determines that the building will remain useful for only 5 more years. Record Luxury Tours' depreciation on the concession stand for year 5 by the straight-line method. (Record debits first, then credits. Explanations are not required.) Luxury Tours over Georgia paid $96,000 for a concession stand. Luxury Tours started out depreciating the building using the straight-line method over 16 years with zero residual value. After using the concession stand for 4 years, Luxury Tours determines that the building will remain useful for only 5 more years. Record Luxury Tours' depreciation on the concession stand for year 5 by the straight-line method. (Record debits first, then credits. Explanations are not required.)
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