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Record depreciation expense for the year. Prepare a single compound journal entry for depreciation expense for the year BUILDING: Straight-Line Depreciation Schedule Depreciation for the

Record depreciation expense for the year. Prepare a single compound journal entry for depreciation expense for the year image text in transcribed
BUILDING: Straight-Line Depreciation Schedule Depreciation for the Year Asset Depreciable Rate Expense Depreciation Value Cost $ 680,000 1/1/2018 $ 680,000 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 s660,000 30 years22,000s 22,000 658,000 660,00030 years 660,000 30 years 660,000 30 years 660,000 30 years 44,000 636,000 66,000 614,000 88,000 592,000 22,000 10,000 570,000 22,000 22,000 22,000 STORE FIXTURES: Straight-Line Depreciation Schedule Depreciation for the Year ation Date Cost ExpenseDepreciation Value Rate $ 60,000 56,000 1/1/2018 $ 60,000 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 4.000 8,000 12,000 16,000 ,00020,000 $ 60,000 , 15years 4,000 S 60,000 15 years 60,00015 years 60,000 15 years 60.000, 15years 48,000 44,000 40,000 4, OFFICE EQUIPMENT: Double-Declining-Balance Depreciation Schedule Depreciation for the Year Depreciation Accumulated Book Book Value Date Rate Expense Depreciation Value 1/1/2018 $ 30,000 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12,000|$ 7,200 4,320 2,592 12,000 19,200 23,520 26,112 27,000 $ 30,000 18,000 10,800 6,480 3,888 3,000 $ 2x(15) 2 x (1/5) 2 x (1/5) 2 x (1/5) $ 30,000 x 18,000 x 10,800 x 6,480 x

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