Required information [The following information applies to the questions displayed below] On January 1, Mitzu Company pays a lump-sum amount of $2,750,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $767,000, with a useful life of 20 years and a $80,000 salvage value. Land Improvements 1 is valued at $354,000 and is expected to last another 12 years with no salvage value. The land is valued at $1,829,000. The company also incurs the following additional costs. O Cost to demolish Building 1 Cost of additional land grading Cost to construct Building 3, having a useful life of 25 years and a $400,000 salvage value Cost of new Land Improvements 2, having a 20-year useful life and no salvage value 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets w in use View transaction list Show Transcribed Text M 1 Required information Journal entry worksheet 2 Date December 31 3 Note: Enter debits before credits. Record entry B 4 3 Record the year-end adjusting entry for the depreciation expense of Building 2. Ć General Journal Clear entry < Prev S 12 Debit of 16 $ 341,400 189,400 2,262,000 168,000 III Credit View general lournal Next >
Required information [The following information applies to the questions displayed below] On January 1, Mitzu Company pays a lump-sum amount of $2,750,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $767,000, with a useful life of 20 years and a $80,000 salvage value. Land Improvements 1 is valued at $354,000 and is expected to last another 12 years with no salvage value. The land is valued at $1,829,000. The company also incurs the following additional costs. O Cost to demolish Building 1 Cost of additional land grading Cost to construct Building 3, having a useful life of 25 years and a $400,000 salvage value Cost of new Land Improvements 2, having a 20-year useful life and no salvage value 3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets w in use View transaction list Show Transcribed Text M 1 Required information Journal entry worksheet 2 Date December 31 3 Note: Enter debits before credits. Record entry B 4 3 Record the year-end adjusting entry for the depreciation expense of Building 2. Ć General Journal Clear entry < Prev S 12 Debit of 16 $ 341,400 189,400 2,262,000 168,000 III Credit View general lournal Next >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please Explain Proper Step by Step and Do Not Give Solution In Image Format And Fast Answering Please & Thanks In Advance ?
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Required information
[The following information applies to the questions displayed below]
On January 1, Mitzu Company pays a lump-sum amount of $2,750,000 for land, Building 1, Building 2, and Land
Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at
$767,000, with a useful life of 20 years and a $80,000 salvage value. Land Improvements 1 is valued at $354,000
and is expected to last another 12 years with no salvage value. The land is valued at $1,829,000. The company also
incurs the following additional costs,
1
Cost to demolish Building 1
Cost of additional land grading
Cost to construct Building 3, having a useful life of 25 years and a $400,000 salvage value
Cost of new Land Improvements 2, having a 20-year useful life and no salvage value
3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets w
in use.
View transaction list
Show Transcribed Text
Mweposetion da
Required information
Journal entry worksheet
<
1
2
Date
December 31
3
Note: Enter debits before credits.
Record the year-end adjusting entry for the depreciation expense of Building
2.
Record entry
8
4
General Journal
Clear entry
< Prev
Mendekata
Debit
S
12 of 16
$ 341,400
189,400
2,262,000
168,000
www
www
www
Credit
View general Journal
Next >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd331ce39-39fa-4d83-9e7b-112952f13094%2Ff0991d4e-6bb9-47ab-b5d7-8e636f988ff3%2Fuzscg5i_processed.jpeg&w=3840&q=75)
Transcribed Image Text:ces
Required information
[The following information applies to the questions displayed below]
On January 1, Mitzu Company pays a lump-sum amount of $2,750,000 for land, Building 1, Building 2, and Land
Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at
$767,000, with a useful life of 20 years and a $80,000 salvage value. Land Improvements 1 is valued at $354,000
and is expected to last another 12 years with no salvage value. The land is valued at $1,829,000. The company also
incurs the following additional costs,
1
Cost to demolish Building 1
Cost of additional land grading
Cost to construct Building 3, having a useful life of 25 years and a $400,000 salvage value
Cost of new Land Improvements 2, having a 20-year useful life and no salvage value
3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets w
in use.
View transaction list
Show Transcribed Text
Mweposetion da
Required information
Journal entry worksheet
<
1
2
Date
December 31
3
Note: Enter debits before credits.
Record the year-end adjusting entry for the depreciation expense of Building
2.
Record entry
8
4
General Journal
Clear entry
< Prev
Mendekata
Debit
S
12 of 16
$ 341,400
189,400
2,262,000
168,000
www
www
www
Credit
View general Journal
Next >
Transcribed Image Text:ces
Journal entry worksheet
<
1
Date
December 31
Record the year-end adjusting entry for the depreciation expense of Building
3.
Note: Enter debits before credits.
2
Record entry
Show Transcribed Text
Requieu mauv
Date
December 31
Record entry
Journal entry worksheet
< 1 2
Note: Enter debits before credits.
3
Show Transcribed Text
Requirea inaon
3
Date
December 31
4
4
Record entry
3
General Journal
Record the year-end adjusting entry for the depreciation expense of Land
Improvements 1.
Clear entry
Note: Enter debits before credits.
Journal entry worksheet
< 1 2
General Journal
Clear entry
Drai
4
< Prev
Ĉ
General Journal
Clear entry
c
12
Prav
S
12
Debit
of 16
Debit
of 16
Record the year-end adjusting entry for the depreciation expense of Land
Improvements 2.
View.general lournal
#
S
12 of 16
Debit
Credit
Credit
View general Journal
Next >
HHH
Next >
Credit
>
View general lournal
Next >
>
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