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Need help finding the number for depreciation expense and accumulated depreciation,,,, the title i have in for accumulated depreciation is Accumulated depreciation - leasehold improvements
Need help finding the number for depreciation expense and accumulated depreciation,,,, the title i have in for accumulated depreciation is "Accumulated depreciation - leasehold improvements" I'm not sure what type of accumulated depreciation it would be?? Maybe "accumulated depreciation - buildings" i have attached a picture of all of the possible account titles it could be
Question 4 Oriole Holdings Inc., a publicly listed company in Canada, ventured into construction of a mega-shopping mall in Edmonton, which is rated as the largest shopping mall in North America. The company's board of directors, after much market research, decided that instead of selling the shopping mall to a local investor who had approached them several times with excellent offers that he steadily increased during the year of construction, the company would hold this property for the purposes of capital appreciation and earning rental income from mall tenants. The construction of the mall ended on December 31, 2019. Oriole Holdings retained the services of a real estate company to find and attract many important retailers to rent space in the shopping mall. The shopping mall was fully occupied soon after construction was completed. According to the company's accounting department, the total construction cost of the shopping mall was $60 million. The company used an independent appraiser to determine the mall's fair value annually. According to the appraisal, the fair values of the shopping mall at December 31, 2020, and at each subsequent year end were: 2020 2021 2022 2023 $60 million $68 million $72 million $68 million The independent appraiser felt that the useful life of the shopping mall was 20 years and its residual value was $13 million. Note that the mall's rental income and expenses would be the same and thus can be omitted from the analysis for this exercise. Your answer is partially correct. Try again. Prepare the necessary journal entries for 2021, 2022, and 2023 if it decides to treat the shopping mall as an investment property under IAS 40: Use the cost model. (Credit account titles are automatically indented when the amount is entered. Do not indent million dollars.) manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem. Enter amounts in dollars instead Date Account Titles and Explanation Debit Credit Dec 31, 2021 (Depreciation Expense 2,450,000 Accumulated Depreciati 2,450,000 T Dec 31, 2022 Depreciation Expense 2,450,000 Accumulated Depreciati 2,450,000 Dec. 31, 2023 Depreciation Expense 2,450,000 Accumulated Depreciati 2,450,000 List of Accounts Question 4 Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Leasehold Improvements Accumulated Depreciation - Machinery Accumulated Depreciation - Vehicles Advertising Expense Asset Retirement Obligation Buildings Cash Common Shares Contributed Surplus Contributed Surplus - Donated Capital Cost of Goods Sold Deferred Revenue - Government Grants Depreciation Expense Donation Revenue Equipment Finance Expense Finance Revenue Gain or Loss in Value of Investment Property Gain on Disposal of Building Gain on Disposal of Equipment Gain on Disposal of Machinery Gain on Disposal of Vehicles GST Payable GST Receivable Interest Expense Interest Income Interest Payable Interest Receivable Inventory Investment Property Land Land Improvements Loss on Disposal of Building Loss on Disposal of Equipment Loss on Disposal of Land Loss on Disposal of Machinery Loss on Disposal of Vehicles Machinery Repairs and Maintenance Expense Mineral Resources Mortgage Payable No Entry Notes Payable Notes Receivable Office Expense Owner's Drawings Prepaid Expenses Prepaid Insurance Profit on Construction Purchase Discounts Purchase Returns and Allowances Rent Expense Revaluation Gain or Loss Revaluation Surplus (OCI) Revenue - Government Grants Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Supplies Supplies Expense Tenant Deposits Liability VehiclesStep by Step Solution
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