fron the trial balance and the information that follows, prepare annual adjusting entries. the building have...

fron the trial balance and the information that follows, prepare annual adjusting entries. the building have an estimated life of 30 years with no residual value. ( the company uses the staight-line method. building is at $625,000.?

Expert Solution

Working Notes :
	CALCULATION OF THE DEPRECIATION AS PER STRAIGHT LINE METHOD FOR BUILDING
	Purchase Cost of Building	$ 625,000
	Less: Salvage Value	$ -
	Net Value for Depreciation (A)	$ 625,000
	Usefule life of the Building (B)	30	Years
	Depreciation per year = (A/B)	20,833

	Total Depreciation Per year =	$ 20,833

Solution:

	Adjusting entry at year end will be done as below,


Date	Account Title	Debit	Credit

Year End	Depreciation	$20,833
	Accumulated Depreciation - Building		$20,833
	(To Record the depreciation expenses of the year)

ekkarill92 answered 2 years ago

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