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

Name: Prepare the entry to record depreciation on the building in 2022. (Ro
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
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.

Business

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

See similar textbooks

Similar questions

Dengar
Victor Mineli, the new controller of Skysong, Inc., has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Accumulated Useful life Date Depreciation (in years) Salvage Value Type of Asset Acquired Cost Jan. 1, 2022 Old Proposed Old Proposed Building Jan. 1, 2014 $829,000 $157,000 40 58 $44,000 $52,000 Warehouse Jan. 1, 2017 108,000 20,740 25 20 4,300 21,260 All assets are depreciated by the straight-line method. Skysong, Inc. 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.)
Urmilaben
Victor Mineli, the new controller of Splish Brothers Inc. 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 $824,000 107,000 Accumulated Depreciation Jan. 1, 2022 $156,800 Revised annual depreciation $ Useful life (in years) Building Old 40 20.540 25 $ Proposed 58 20 Warehouse Salvage Value Old Proposed $37,200 All assets are depreciated by the straight-line method. Splish Brothers Inc. 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) Compute the revised annual depreciation on each asset in 2022. (Round answers to O decimal places, e.g. 5.125.) $40,000 4,300 12.960 SUPPORT
Victor Mineli, the new controller of Sheridan Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Type ofAsset DateAcquired Cost AccumulatedDepreciation,Jan. 1, 2022 Useful Life (in years) Salvage Value Old Proposed Old Proposed Building Jan. 1, 2014 $922,000 $170,400 40 58 $70,000 $35,400 Warehouse Jan. 1, 2017 118,000 22,340 25 20 6,300 2,660 All assets are depreciated by the straight-line method. Sheridan Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor’s proposed changes. (The “Proposed” useful life is total life, not remaining life.) New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect. Compute the revised annual depreciation on each asset in 2022.…
Denger
Victor Mineli, the new controller of Crane Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Type ofAsset DateAcquired Cost AccumulatedDepreciation,Jan. 1, 2022 Useful Life (in years) Salvage Value Old Proposed Old Proposed Building Jan. 1, 2014 $737,000 $134,400 40 58 $65,000 $36,700 Warehouse Jan. 1, 2017 121,000 23,290 25 20 4,550 5,100 All assets are depreciated by the straight-line method. Crane Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor’s proposed changes. (The “Proposed” useful life is total life, not remaining life.) 1. Compute the revised annual depreciation on each asset in 2022. 2. Prepare the entry to record depreciation on the building in 2022.
Please answer fast i give you upvote.
Victor Mineli, the new controller of Blossom Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2025. Here are his findings: Accumulated Useful Life (in years) Salvage Value Type of Asset Date Acquired Depreciation, Cost Jan. 1, 2025 Old Proposed Old Proposed Building Jan. 1, 2017 $783,500 $144,200 40 58 $62,500 $36,600 Warehouse Jan. 1, 2020 118,000 22,520 25 20 20 5,400 3,980 All assets are depreciated by the straight-line method. Blossom Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life is total life, no remaining life.) Compute the revised annual depreciation on each asset in 2025. (Round answers to O decimal places, e.g. 125.) Revised annual depreciation Building Warehouse
Victor Mineli, the new controller of Windsor, Inc., 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 $821,000 115,000 Accumulated Depreciation Jan. 1, 2022 $155,600 Useful life (in years) Old Proposed 40 22,180 25 58 20 Salvage Value Old $43,000 4,100 Proposed $30,400 20,820 All assets are depreciated by the straight-line method. Windsor, Inc. 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.)
Terry Wade, the neW controller of Monty Company, has reviewed the expected usefullives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Accumulated Useful life Date Depreciation (in Years) Salvage Value Type of Asset Acquired Cost Jan. 1, 2022 old Proposed Old Proposed Building Jan. 1, 2016 $812,000 $115,800 40 50 $40,000 $36,200 Warehouse Jan. 1, 2017 120,000 23,100 25 20 4,500 35,400 All assets are depreciated by the straight-line method. Monty Company uses a calendar year in preparing annual adjusting entries and financial statements. After discussion, management has agreed to accept Terry's proposed changes. (The "Proposed" useful life is total life, not remaining life.) (a) Compute the revised annual depreciation on each asset in 2022. Building Warehouse Revised annual depreciation eTextbook and Media List of Accounts Save for Later (b) Prepare the entry to record depreciation on the building in 2022. (List all debit entries before…
Victor Mineli, the new controller of Ivanhoe Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2025. Here are his findings: Type of Asset Building Warehouse Date Acquired (a) Jan. 1. 2017 Jan, 1, 2020 Cost $857,000 129,500 Accumulated Depreciation, Jan. 1, 2025 $159,100 Revised annual depreciation $ 24,960 Useful Life (in years) Old Proposed 40 58 20 Building 25 All assets are depreciated by the straight-line method. Ivanhoe Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life is total life, not remaining life.) Salvage Value Old $61,500 4,700 Compute the revised annual depreciation on each asset in 2025. (Round answers to 0 decimal places. e.g. 125.) Warehouse Proposed $35,600 5,300