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with the info given i need the two different journal entrys and a answers to calculate the book value Solich Sandwich Shop had the following
with the info given i need the two different journal entrys and a answers to calculate the book value
Solich Sandwich Shop had the following long term asset balances as of December 31, 2018 Land Building Equipment Patent Cost $ 87.000 452.000 205,600 210.000 Accumulated Depreciation Book Value - $ 87,000 $(85.880) 366,120 (48,400) 157,200 (84,000) 126,000 Solich purchased all the assets at the beginning of 2016 (3 years ago). The building is depreciated over a 20-year service life usi The equipment is depreciated over a 8-year useful life using the straight-line method with an estimated residual value of $12.000 value and is amortized using the straight-line method. Depreciation and amortization have been recorded for 2016 and 2017 ago). The building is depreciated over a 20-year service life using the double-declining balance method and estimating no residual value. traight-line method with an estimated residual value of $12,000. The patent is estimated to have a five-year service life with no residual on and amortization have been recorded for 2016 and 2017 Required: 1. For the year ended December 31, 2018, record depreciation expense for buildings and equipment. Land is not depreciated. entry required in the first account field.) View transaction list Journal entry worksheet Record the depreciation on the building. Note: Enter debits before credits Transaction General Journal Debit Credit Journal entry worksheet Record the depreciation on the equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit 2. For the year ended December 31, 2018, record amortization expense for the patent. (If no entry is required field.) View transaction list Journal entry worksheet Record the amortization on the patent. Note: Enter debits before credits. Transaction General Journal Debit Credit 3. Calculate the book value for each of the four long-term assets at December 31, 2018. SOLICH SANDWICH SHOP December 31, 2018 Book value Land Building Equipment Patent Step by Step Solution
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