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The following transactions were carried out for an unnamed company during Year 6 : January 1 - Purchased a building for $ 8 4 ,
The following transactions were carried out for an unnamed company during Year :
January Purchased a building for $ cash. It has a $ residual
value, year expected life, and doubledeclining balance amortization will
be used.
May Purchased equipment for $cash. It has a $ residual value,
year expected life, and straightline amortization will be used, using days
as the basis.
December Recorded amortization on the building and equipment.
Additional transactions were carried out during Year :
June Sold the equipment for $ cash. Remember to record
amortization to date for Year before selling the equipment.
December Recorded amortization on the building.
Required
Prepare journal entries for the above transactions. Please leave one empty row
between each journal entry.The following transactions were carried out for an unnamed company during Year :
January Purchased a building for $ cash. It has a $ residual value, year expected life, and doubledeclining balance amortization will be used.
May Purchased equipment for $ cash. It has a $ residual value, year expected life, and straightline amortization will be used, using days as the basis.
December Recorded amortization on the building and equipment.
Additional transactions were carried out during Year :
June Sold the equipment for $ cash. Remember to record amortization to date for Year before selling the equipment.
December Recorded amortization on the building.
Required
Prepare journal entries for the above transactions. Please leave one empty row between each journal entry.
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