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please answer all parts Conservative Company purchased a warehouse on January 1, 2015, for $432,000. At the time of purchase, Conservative anticipated that the warehouse
please answer all parts
Conservative Company purchased a warehouse on January 1, 2015, for $432,000. At the time of purchase, Conservative anticipated that the warehouse would be used to facilitate the expansion of its product lines. The warehouse is being depreciated over 20 years and is expected to have a residual value of $54,000. At the beginning of 2020, the company decided that the warehouse would no longer be used and should be sold for its carrying amount. At the end of 2020, the warehouse still had not been sold, and its net realizable value was estimated to be only $281.000. Calculate the carrying amount of the warehouse on January 1, 2020. Carrying amount $ Prepare all the journal entries that Conservative should make during 2020 related to the warehouse. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit If Conservative sells the warehouse in 2021 for $238,000, what entry would be made for the sale? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Save for Later Attempts: 0 of 1 used SubmitStep by Step Solution
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