Record depreciation at March 31, 2024, 2025, and 2026. (List all debit entries before credit entries. 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. Round answers to O decimal places, e.g. 5,275.) Date lar. 31, 2024 lar. 31, 2025 lar. 31, 2026 Account Titles and Explanation Depreciation Expense Accumulated Depreciation - Buildings Depreciation Expense Accumulated Depreciation - Buildings Depreciation Expense Accumulated Depreciation - Buildings Debit 8,133 7,591 3,902 Credit 8,133 6,504 3,902 Record the disposal of the huts on July 31, 2026, under each of the following independent assumptions: (List all debit entries before credit entries. 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. Round answers to O decimal places, e.g. 5,275.) 1. 2. 3. ). They were sold for $83,800. They were sold for $43,800. They were retired for no proceeds. Date July 31 L) July 31 2) July 31 3) July 31 Account Titles and Explanation Depreciation Expense Accumulated Depreciation - Buildings (To record depreciation on buildings disposed) Cash Accumulated Depreciation - Buildings Gain on Disposal Buildings Cash Accumulated Depreciation - Buildings Loss on Disposal Buildings Accumulated Depreciation - Buildings Loss on Disposal Buildings Debit 10000⁰ Credit 1001 122,000 122,000 122,000
Record depreciation at March 31, 2024, 2025, and 2026. (List all debit entries before credit entries. 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. Round answers to O decimal places, e.g. 5,275.) Date lar. 31, 2024 lar. 31, 2025 lar. 31, 2026 Account Titles and Explanation Depreciation Expense Accumulated Depreciation - Buildings Depreciation Expense Accumulated Depreciation - Buildings Depreciation Expense Accumulated Depreciation - Buildings Debit 8,133 7,591 3,902 Credit 8,133 6,504 3,902 Record the disposal of the huts on July 31, 2026, under each of the following independent assumptions: (List all debit entries before credit entries. 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. Round answers to O decimal places, e.g. 5,275.) 1. 2. 3. ). They were sold for $83,800. They were sold for $43,800. They were retired for no proceeds. Date July 31 L) July 31 2) July 31 3) July 31 Account Titles and Explanation Depreciation Expense Accumulated Depreciation - Buildings (To record depreciation on buildings disposed) Cash Accumulated Depreciation - Buildings Gain on Disposal Buildings Cash Accumulated Depreciation - Buildings Loss on Disposal Buildings Accumulated Depreciation - Buildings Loss on Disposal Buildings Debit 10000⁰ Credit 1001 122,000 122,000 122,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Wildhorse Productions Corp purchased ice fishing huts on December 1, 2023, for a total of $122,000 in cash. At that time, these huts were estimated to have a useful life of 10 years and a residual value of $25,000. The huts were disposed of on July 31, 2026. Wildhorse uses double-diminishing-balance method at two times the straight-line depreciation raye, has a March 31 year end, and makes
Transcribed Image Text:Record depreciation at March 31, 2024, 2025, and 2026. (List all debit entries before credit entries. 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. Round answers to O decimal places, e.g. 5,275.)
Date
lar. 31, 2024
lar. 31, 2025
lar. 31, 2026
Account Titles and Explanation
Depreciation Expense
Accumulated Depreciation - Buildings
Depreciation Expense
Accumulated Depreciation - Buildings
Depreciation Expense
Accumulated Depreciation - Buildings
Debit
8,133
7,591
3,902
Credit
8,133
6,504
3,902
Transcribed Image Text:Record the disposal of the huts on July 31, 2026, under each of the following independent assumptions: (List all debit entries before
credit entries. 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. Round answers to O decimal places, e.g. 5,275.)
1.
2.
3.
).
They were sold for $83,800.
They were sold for $43,800.
They were retired for no proceeds.
Date
July 31
L) July 31
2) July 31
3) July 31
Account Titles and Explanation
Depreciation Expense
Accumulated Depreciation - Buildings
(To record depreciation on buildings disposed)
Cash
Accumulated Depreciation - Buildings
Gain on Disposal
Buildings
Cash
Accumulated Depreciation - Buildings
Loss on Disposal
Buildings
Accumulated Depreciation - Buildings
Loss on Disposal
Buildings
Debit
10000⁰
Credit
1001
122,000
122,000
122,000
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