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Sunshine Amusement Park paid $320,000 for a concession stand. Sunshine started out depreciating the building using the straight-line method over 20 years with a residual
Sunshine Amusement Park paid $320,000 for a concession stand. Sunshine started out depreciating the building using the straight-line method over 20 years with a residual value of zero. After using the concession stand for three years, Sunshine determines that the building will remain useful for only four more years. Record Sunshine's depreciation on the concession stand for year four using the straight-line method. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit
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