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Question 2 [8 points] At as December 31, 2023, year-end, Vision Consulting Inc. had a warehouse with an adjusted book value of $215,000 and
Question 2 [8 points] At as December 31, 2023, year-end, Vision Consulting Inc. had a warehouse with an adjusted book value of $215,000 and an estimated remaining useful life of 15 years and residual value of $50,000. Because of pick-up and delivery issues at the warehouse, a contractor was hired to construct a new door into the east wall during the week of January 1, 2024, for $15,000 on account. The estimated useful life of the door is 18 years with an estimated residual value of $6,000. Vision Consulting Inc. uses the straight-line method to depreciate assets. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format ddimmm (ie. January 15 would be 15/Jan). For each journal entry, indicate how each account affects the balance sheet (Assets, Liabilities, Equity). Use + for increase and for decrease. For example, if an account decreases equity, choose Equity a) Record the installation of the new door. Date General Journal Account/Explanation Page GJ F Debit Cred Effect On Balance Sheet b) Record total depreciation on the warehouse at December 31, 2024. General Journal Dain Account Explanation Page GJS Debit Credit Effect On Balance Sheet
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