Martinez Company constructed a building at a cost of $2,464,000 and occupied it beginning in January 1998. It was estimated at that time that its life would be 40 years, with no salvage value.In January 2018, a new roof was installed at a cost of $336,000, and it was estimated then that the building would have a useful life of 25 years from that date. The cost of the old roof was $179,200. What amount of depreciation should have been charged annually from the years 1998 to 2017? (Assume straight-line depreciation.) Depreciation from the years 1998 to 2017 $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT What entry should be made in 2018 to record the replacement of the roof? (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record the disposition of the old roof.) (To record the installation of the new roof.) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare the entry in January 2018 to record the revision in the estimated life of the building, if necessary. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT What amount of depreciation should be charged for the year 2018? Depreciation for the year 2018 (Assume the cost of the old roof is removed) $ Depreciation for the year 2018 (Assume the cost of the new roof is debited to accumulated depreciation - building) $ Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER Please answer all sections of my questions

Martinez Company constructed a building at a cost of $2,464,000 and occupied it beginning in January 1998. It was estimated at that time that its life would be 40 years, with no salvage value.In January 2018, a new roof was installed at a cost of $336,000, and it was estimated then that the building would have a useful life of 25 years from that date. The cost of the old roof was $179,200. What amount of depreciation should have been charged annually from the years 1998 to 2017? (Assume straight-line depreciation.) Depreciation from the years 1998 to 2017 $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT What entry should be made in 2018 to record the replacement of the roof? (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record the disposition of the old roof.) (To record the installation of the new roof.) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare the entry in January 2018 to record the revision in the estimated life of the building, if necessary. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT What amount of depreciation should be charged for the year 2018? Depreciation for the year 2018 (Assume the cost of the old roof is removed) $ Depreciation for the year 2018 (Assume the cost of the new roof is debited to accumulated depreciation - building) $ Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER Please answer all sections of my questions

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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What amount of depreciation should have been charged annually from the years 1998 to 2017? (Assume straight-line depreciation.)

Depreciation from the years 1998 to 2017

SHOW LIST OF ACCOUNTS

LINK TO TEXT

What entry should be made in 2018 to record the replacement of the roof? (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit



(To record the disposition of the old roof.)


(To record the installation of the new roof.)

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Prepare the entry in January 2018 to record the revision in the estimated life of the building, if necessary. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit

SHOW LIST OF ACCOUNTS

LINK TO TEXT

What amount of depreciation should be charged for the year 2018?

Depreciation for the year 2018 (Assume the cost of the old roof is removed)		$
Depreciation for the year 2018 (Assume the cost of the new roof is debited to accumulated depreciation - building)		$

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Open Show Work

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LINK TO TEXT

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