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What are the journal entries for these? Depreciation expense must be recorded for the month of December. The building was purchased on February 1, 2021

What are the journal entries for these?

Depreciation expense must be recorded for the month of December. The building was purchased on February 1, 2021 for $500,000 with a remaining useful life of 25 years and a salvage value of $3,000.  The method of depreciation for the building is straight-line.  

The equipment was purchased on February 1, 2021 for $260,000 with a remaining useful life of 4 years and a salvage value of $1,800. The method of depreciation for the equipment is double-declining balance. Depreciation has been recorded for the building and equipment for months February through November

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SOLUTION Building Purchase cost 500000 Remaining useful life 25 years Salvage value 3000 To calculat... blur-text-image

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