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Fun Town Amusement Park paid $500,000 for a concession stand. Fun Town started out depreciating the building using the straight-line method over 25 years with a residual value of zero. After using the concession stand for four years, Fun Town determines that the building will remain useful for only five more years. Record Fun Town's depreciation on the concession stand for year five using the straight-line method. (Record debits first, then credits. Exclude explanations from any journal entries.) -C

Fun Town Amusement Park paid $500,000 for a concession stand. Fun Town started out depreciating the building using the straight-line method over 25 years with a residual value of zero. After using the concession stand for four years, Fun Town determines that the building will remain useful for only five more years. Record Fun Town's depreciation on the concession stand for year five using the straight-line method. (Record debits first, then credits. Exclude explanations from any journal entries.) -C

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Fun Town Amusement Park paid $500,000 for a concession stand. Fun Town started out depreciating the building using the straight-line method over 25 years with a residual value of zero. After using the concession stand for four years, Fun Town determines that the building will remain useful for only five more years. Record Fun Town's depreciation on the concession stand for year five using the straight-line method. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Journal Entry Accounts C Debit Credit
Transcribed Image Text:Fun Town Amusement Park paid $500,000 for a concession stand. Fun Town started out depreciating the building using the straight-line method over 25 years with a residual value of zero. After using the concession stand for four years, Fun Town determines that the building will remain useful for only five more years. Record Fun Town's depreciation on the concession stand for year five using the straight-line method. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Journal Entry Accounts C Debit Credit
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