year 20 and 21

residual number value = 60.000

Lofour Marketing Services purchased land and a building for $1.500.000. The and had a fer value of $100.000 and the building $250.000 The building was soon astigine basis ver a 50-year period. The estimated residus was 80.000. Allerding to building for 20 year, the company in the word oor on the building would for a company to replace before yoor String with the let year, the company began amorting the building over rowsed foto of 40 years with mr aus Hecord pense on the building for yours 20 and 2 Record the purtal entry for 20 (nord debitore, the condita.clude explanation from ournal entries. Round your answer to the nearest whole ole Journal Entry Account Debit Credit Amortisten penselding Accu Amortion-Buiding Lafleur Marketing Services purchased land and a building for $1,180,000. The land had a fair value of $330,000 and the building $850,000. The building was amortized on a straight-line basis over a 50-year period. The estimated residual value was $60,000. After using the building for 20 years, the company realized that wear and tear on the building would force the company to replace it before 50 years. Starting with the 21st year, the company began amortizing the building over a revised total life of 40 years with zero residual value. Record amortization expense on the building for years 20 and 21 Record the journal entry for year 20. (Record debita first, then credits. Exclude explanations from Journal entries. Round your answer to the nearest whole dollar. Journal Entry Accounts Credit Amortization Expanse--Building Accumulated Amortization-Building Debit