Please answer completely and correctly for all parts with explanation computation formula steps answer in text no copy paste show explanation and computation clearly for numbers provide full working for all steps with explanation and narrations answer in text form On January 1, 2022, Sheffield Company purchased a building and equipment that have the following useful lives, salvage values, andcosts.Building, 40-year estimated useful life, $52,800 salvage value, $724,000 costEquipment, 12-year estimated useful life, $10,800 salvage value, $91,800 costThe building has been depreciated under the double-declining-balance method through 2025. In 2026, the company decided to switchto the straight-line method of depreciation. Sheffield also decided to change the total useful life of the equipment to 9 years, with asalvage value of $4,800 at the end of that time. The equipment is depreciated using the straight-line method.(a)Prepare the journal entry necessary to record the depreciation expense on the building in 2026. (Round answers to O decimalplaces, eg. 125. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry isrequired, select "No Entry for the account titles and enter O for the amounts. List debit entry before credit entry.)Account Titles and ExplanationDebit(a)Bramble Industries changed from the double-declining-balance to the straight-line method in 2026 on all its equipment. There was nochange in the assets' salvage values or useful lives. Plant assets, acquired on January 2, 2023, had an original cost of $1.561,600, witha $112,000 salvage value and an 8-year estimated useful life. Income before depreciation expense was $255,200 in 2025 and$320,000 in 2026.CreditPrepare the journal entry to record depreciation expense in 2026. (Credit account titles are automatically indented when the amountis entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List debitentry before credit entry)Account Titles and ExplanationDebitCredit

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Description: Please answer completely and correctly for all parts with explanation computation formula steps answer in text no copy paste show explanation and computation clearly for numbers provide full working for all steps with explanation and narrations answe

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Business

Accounting

On January 1, 2022, Sheffield Company purchased a building and equipment that have the following useful lives, salvage values, and costs. Building, 40-year estimated useful life, $52,800 salvage value, $724,000 cost Equipment, 12-year estimated useful life, $10,800 salvage value, $91,800 cost The building has been depreciated under the double-declining-balance method through 2025. In 2026, the company decided to switch to the straight-line method of depreciation. Sheffield also decided to change the total useful life of the equipment to 9 years, with a salvage value of $4,800 at the end of that time. The equipment is depreciated using the straight-line method. (a) Prepare the journal entry necessary to record the depreciation expense on the building in 2026. (Round answers to 0 decimal places, eg. 125. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List debit entry before credit entry)

On January 1, 2022, Sheffield Company purchased a building and equipment that have the following useful lives, salvage values, and costs. Building, 40-year estimated useful life, $52,800 salvage value, $724,000 cost Equipment, 12-year estimated useful life, $10,800 salvage value, $91,800 cost The building has been depreciated under the double-declining-balance method through 2025. In 2026, the company decided to switch to the straight-line method of depreciation. Sheffield also decided to change the total useful life of the equipment to 9 years, with a salvage value of $4,800 at the end of that time. The equipment is depreciated using the straight-line method. (a) Prepare the journal entry necessary to record the depreciation expense on the building in 2026. (Round answers to 0 decimal places, eg. 125. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List debit entry before credit entry)

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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