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What are the journal entries for this scenario? Should be one for accumulated depreciation and depreciation expense at least but not sure how to set
What are the journal entries for this scenario? Should be one for accumulated depreciation and depreciation expense at least but not sure how to set it up.
Dover purchased a new storage facility on December 1, 2020. The new building cost $1,910,000. A new member of the accounting team recorded depreciation on the new facility using the straight line method. The manager was impressed with his hard work, since he appropriately used partial year depreciation and used the method correctly. However, she had to remind him Dover uses the sum-of- the-years (SYD) method for buildings. Unfortunately, the mistake in method wasn't corrected before the financial statements were created. At the time of the purchase, the operations manager estimated that the new facility would be used for 10 years and would have a $80,200 salvage valueStep by Step Solution
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