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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.?

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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)

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