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Required information [ The following information applies to the questions displayed below. ] Shahia Company bought a building for $ 3 8 2 , 0
Required information
The following information applies to the questions displayed below.
Shahia Company bought a building for $ cash and the land on which it was located for $ cash. The
company paid transfer costs of $ $ for the building and $ for the land Renovation costs on the
building before it could be used were $
Required:
Prepare the journal entry to record the purchase of the property, including all relevant expenditures. Assume that all transactions
were for cash and that all purchases occurred at the start of the year.
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
Record the purchase of property, including all expenditures, paid with cash.
Compute straightline depreciation at the end of one year, assuming an estimated year useful life and a $ estimated
residual value.
Straightline depreciation
Determine the net book value of the property land and building at the end of year
Note: Amounts to be deducted should be indicated by a minus sign.
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