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Endblast Productions showed the following selected asset balances on December 31, 2020: Land $ 444,800 Building...

Endblast Productions showed the following selected asset balances on December 31, 2020:

Land $ 444,800
Building 574,400
Accumulated depreciation, building1 412,800
Equipment 195,200
Accumulated depreciation, equipment2 50,000


1Remaining estimated useful life is eight years with a residual value of $20,000; depreciated using the straight-line method to the nearest whole month.
2Total estimated useful life is 10 years with a residual value of $24,000; depreciated using the double-declining-balance method to the nearest whole month.

Required:
Prepare the entries for each of the following. (Round intermediate calculations to the nearest whole dollar.)

1. The land and building were sold on September 27, 2021, for $616,000 cash.

a. Record building depreciation for 2021.

b. Record sale of land and building.

2. The equipment was sold on November 2, 2021, for $95,000 cash.

a.Record building depreciation for 2021.

b. Record sale of equipment.

b.

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ekkarill92 answered 1 year ago
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