urcRecently the Ace Manufacturing Company purchased an office building and a new computersystem. Below is the information about these two new items of Property, Plant, & Equipment.ReqiThe following are the facts for the office building:April 1, 2021Date on which the building was purchasedPurchase priceMethod of payment$1,800,000paid $300,000 cash – signed a note forthe remainder of the purchase priceEstimated life50 yearsREstimated value at the end of 50 years$0Depreciation methodStraight-LineThe following are the facts for the computer system:Date on which computer was purchasedPurchase priceMay 1, 2021$58,800Method of paymentCashEstimated life7 yearsEstimated value at the end of 7 years$0Depreciation methodStraight-LineThe following is a partial list of the accounts in Ace's General Ledger. These are the only accountsyou need for this problem.D CashD Building (asset account)D Accumulated Depreciation-BuildingD Computer (asset account)D Accumulated Depreciation-ComputerD Note PayableD Depreciation Expense Réquirement 6 -- May 31 depreciation adjusting ehKtry for the computer systemDateAccount NameDebitCreditRequirement 7 --May 31 depreciation adjusting entry for the office buildingDateAccount NameDebitCreditAcpSupRequirement 8 -- Total Depreciation Expense on the May Income Statementuireuly 21 supes adjusting entryPateAccount Neme

Name: urcRecently the Ace Manufacturing Company purchased an office buildin
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Description: urcRecently the Ace Manufacturing Company purchased an office building and a new computersystem. Below is the information about these two new items of Property, Plant, & Equipment.ReqiThe following are the facts for the office building:April 1, 2021

Depreciation (Straight Line Method) = Purchase Price - Salvage Value / Estimated life

Business

Accounting

Requirement 6 -- May 31 depreciation adjusting ehKtry for the com Date Account Name Requirement 7 -- May 31 depreciation adjusting entry for the offi Date Account Name Acc Requirement 8 -- Total Depreciation Expense on the May Incon

Requirement 6 -- May 31 depreciation adjusting ehKtry for the com Date Account Name Requirement 7 -- May 31 depreciation adjusting entry for the offi Date Account Name Acc Requirement 8 -- Total Depreciation Expense on the May Incon

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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