Question
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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Financial Accounting and Reporting a Global Perspective
Authors: Michel Lebas, Herve Stolowy, Yuan Ding
4th edition
978-1408066621, 1408066629, 1408076861, 978-1408076866
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