On August 1, 2022, Pina Colada Corp. issued $493,200, 6%, 10-year bonds at face value. Interest is payable annually on August 1. Pina Colada’s year-end is December 31. Victor Mineli, the new controller of Blossom Company, has reviewed the expected useful lives and salvage values of selecteddepreciable assets at the beginning of 2022. Here are his findings:AccumulatedUseful Life (inyears)Salvage ValueDepreciation,Jan. 1, 2022Туре ofDateAssetAcquiredCostOldProposedOldProposedBuildingJan. 1, 2014$941,000$174,3004058$69,500$35,300WarehouseJan. 1, 2017164,00031,78025205,1003,220All assets are depreciated by the straight-line method. Blossom Company uses a calendar year in preparing annual financialstatements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life is total life,not remaining life.)Your answer is partially correct.Compute the revised annual depreciation on each asset in 2022. (Round answers to 0 decimal places, e.g. 125.)BuildingWarehouseRevised annual depreciation$18285$8600eTextbook and MediaList of AccountsYour answer is partially correct.Prepare the entry to record depreciation on the building in 2022. (Round answers to 0 decimal places, e.g. 125. Creditaccount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,select "No Entry" for the account titles and enter 0 for the amounts.)Account Titles and ExplanationDebitCreditDepreciation Expense18285Accumulated Depreciation-Buildings18285eTextbook and MediaList of Accounts

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Answered: On August 1, 2022, Pina Colada Corp.…

On August 1, 2022, Pina Colada Corp. issued $493,200, 6%, 10-year bonds at face value. Interest is payable annually on August 1. Pina Colada’s year-end is December 31

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 9MCQ: Chapman Inc. purchased a piece of equipment in 2018. Chapman depreciated the equipment on a...

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