On January 1, 2016, Susan Company purchased a building and machinery that have the following...
80.2K
Verified Solution
Link Copied!
Question
Accounting
On January 1, 2016, Susan Company purchased a building and machinery that have the following useful lives, salvage value, and costs. Building 25-year estimated useful life, $8,200,000 cost, $820,000 salvage value Machinery, 10-year estimated useful life, $1,660,000 cost, no salvage value The building has been depreciated under the straight-line method through 2020. In 2021, the company decided to switch to the double-declining balance method of depreciation for the building Susan also decided to change the total useful life of the machinery to 8 years, with a salvage value of $63,000 at the end of that time. The machinery is depreciated using the straight-line method. Prepare the journal entry necessary to record the depreciation expense on the building in 2021. (If no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
