Makati Inc. acquires a building on February 1, 2020 at a cost of 5,500,000. The building has an estimated useful life of 40 years and an estimated salvage value of 500,000. Question 1. What is the journal entry to record the purchase of building? Question 2. What is the adjusting entry on December 31 assuming the company prepares it's financial statements on this date.

Makati Inc. acquires a building on February 1, 2020 at a cost of 5,500,000. The building has an estimated useful life of 40 years and an estimated salvage value of 500,000. Question 1. What is the journal entry to record the purchase of building? Question 2. What is the adjusting entry on December 31 assuming the company prepares it's financial statements on this date.

Name: Makati Inc. acquires a building on February 1, 2020 at a cost of 5,50
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Description: Makati Inc. acquires a building on February 1, 2020 at a cost of 5,500,000. The building has an estimated useful life of 40years and an estimated salvage value of 500,000.Question 1. What is the journal entry to record the purchase of building?Quest

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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