Stevens's Sandwich Shop had the following long-term asset balances as of January 1, 2024: Land Building Cost $72,000 Accumulated Depreciation Book Value 0 $72,000 Equipment 547,000 136,300 $(196,920) 350,080 (27,400) 108,900 Patent 92,500 (37,000) 55,500 Additional information: • Stevens's purchased all the assets at the beginning of 2022. • The building is depreciated over a 10-year service life using the double-declining-balance method and estimating no residual value. • The equipment is depreciated over a 9-year useful life using the straight-line method with an estimated residual value of $13,000. . The patent is estimated to have a five-year service life with no residual value and is amortized using the straight-line method. • Depreciation and amortization have been recorded for 2022 and 2023 (first two years). Required: 1. For the year ended December 31, 2024 (third year), record depreciation expense for buildings and equipment. Land is not depreciated. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet ☑ No Transaction General Journal 1 1 Depreciation Expense Accumulated Depreciation 2 2 Depreciation Expense Accumulated Depreciation Debit Credit
Stevens's Sandwich Shop had the following long-term asset balances as of January 1, 2024: Land Building Cost $72,000 Accumulated Depreciation Book Value 0 $72,000 Equipment 547,000 136,300 $(196,920) 350,080 (27,400) 108,900 Patent 92,500 (37,000) 55,500 Additional information: • Stevens's purchased all the assets at the beginning of 2022. • The building is depreciated over a 10-year service life using the double-declining-balance method and estimating no residual value. • The equipment is depreciated over a 9-year useful life using the straight-line method with an estimated residual value of $13,000. . The patent is estimated to have a five-year service life with no residual value and is amortized using the straight-line method. • Depreciation and amortization have been recorded for 2022 and 2023 (first two years). Required: 1. For the year ended December 31, 2024 (third year), record depreciation expense for buildings and equipment. Land is not depreciated. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet ☑ No Transaction General Journal 1 1 Depreciation Expense Accumulated Depreciation 2 2 Depreciation Expense Accumulated Depreciation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
nik.4
give should be in table format or i will give you down vote
Transcribed Image Text:Stevens's Sandwich Shop had the following long-term asset balances as of January 1, 2024:
Land
Building
Cost
$72,000
Accumulated
Depreciation
Book Value
0
$72,000
Equipment
547,000
136,300
$(196,920)
350,080
(27,400)
108,900
Patent
92,500
(37,000)
55,500
Additional information:
• Stevens's purchased all the assets at the beginning of 2022.
• The building is depreciated over a 10-year service life using the double-declining-balance method and estimating no
residual value.
• The equipment is depreciated over a 9-year useful life using the straight-line method with an estimated residual value
of $13,000.
.
The patent is estimated to have a five-year service life with no residual value and is amortized using the straight-line
method.
• Depreciation and amortization have been recorded for 2022 and 2023 (first two years).
Required:
1. For the year ended December 31, 2024 (third year), record depreciation expense for buildings and equipment. Land is not
depreciated. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list View journal entry worksheet
☑
No
Transaction
General Journal
1
1
Depreciation Expense
Accumulated Depreciation
2
2
Depreciation Expense
Accumulated Depreciation
Debit
Credit
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