Fast Trax Amusement Park paid $320,000 for a concession stand. Fast Trax started out depreciating the building using the straight-line method over 20 years with a residual value zero. After using the concession stand for six years, Fast Trax determines that the building remain useful for only four more years. Record Fast Trax's depreciation on the concession for year seven using the straight-line method. (Record debits first, then credits. Exclude explanations from any journal entries.)

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Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.