On March 1, 2012, the company purchased a building for $1,200,000 which is expected to...
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On March 1, 2012, the company purchased a building for $1,200,000 which is expected to last 40 years. When purchased, the building was not in a desirable area, but a new stadium is being built nearby, so the value of the building on December 31, 2015 is $2,000,000.
Assuming the company only adjusts depreciation at year-end, the adjusting journal entry on December 31, 2015 is:
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