Prepare the entry to record depreciation on the building in 2022. (Round answers to O decimal places, e.g. 125. Credit account titlesare automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the accounttitles and enter O for the amounts.)Account Titles and ExplanationDebitCreditDepreciation ExpenseAccumulated Depreciation-BuildingseTextbook and MediaList of Accounts Victor Mineli, the new controller of Pharoah Company, has reviewed the expected useful lives and salvage values of selecteddepreciable assets at the beginning of 2022. Here are his findings:AccumulatedUseful Life (inТуре ofDateDepreciation,years)Salvage ValueAssetAcquiredCostJan. 1, 2022OldProposedOldProposedBuildingJan. 1, 2014$800,500$147,3004058$64,000$35,800WarehouseJan. 1, 2017117,00022,44025204,8004,560All assets are depreciated by the straight-line method. Pharoah 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.)Compute the revised annual depreciation on each asset in 2022. (Round answers to 0 decimal places, e.g. 125.)uildingWarehouseRevised annual depreciation$123486000%24

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Description: Prepare the entry to record depreciation on the building in 2022. (Round answers to O decimal places, e.g. 125. Credit account titlesare automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry

The journal entries are prepared to keep the record of day to da transactions of the business.

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Accounting

Prepare the entry to record depreciation on the building in 2022. (Round answers to 0 decimal places, e.g. 125. Credit account 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 O for the amounts.) Account Titles and Explanation Debit Credit Depreciation Expense Accumulated Depreciation-Buildings eTextbook and Media List of Accounts

Prepare the entry to record depreciation on the building in 2022. (Round answers to 0 decimal places, e.g. 125. Credit account 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 O for the amounts.) Account Titles and Explanation Debit Credit Depreciation Expense Accumulated Depreciation-Buildings eTextbook and Media List of Accounts

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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Victor Mineli, the new controller of Novak Corp., has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Type of Asset Building Warehouse Date Acquired Jan. 1, 2014 Jan. 1, 2017 Cost $821,000 106,000 Revised annual depreciation $ eTextbook and Media Accumulated Depreciation Jan. 1, 2022 $157,200 Compute the revised annual depreciation on each asset in 2022. List of Accounts 40 20,380 25 Building Useful life (in years) Old Proposed All assets are depreciated by the straight-line method. Novak Corp. uses a calendar year in preparing annual adjusting entries and financial statements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life is total life, not remaining life.) $ 58 20 Salvage Value Warehouse Old $35,000 4,100 Proposed $53,800 21,120
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Compute for the adjusted balance of "BUILDING".
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Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?
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