Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. solich sandwich shop had the following long-term a

Solich Sandwich Shop had the following long-term asset balances as of December 31, 2021: Accumulated...

50.1K

Verified Solution

Question

Accounting

image
Solich Sandwich Shop had the following long-term asset balances as of December 31, 2021: Accumulated Depreciation Land Building Equipment Patent Cost $ 94,000 459,000 263,000 245,000 $(87,210) (49,800) (98,000) Book Value $ 94,000 371,790 213, 200 147,000 Solich purchased all the assets at the beginning of 2019 (3 years ago). The building is depreciated over a 20-year service life using the double-declining balance method and estimating no residual value. The equipment is depreciated over a 10- year useful life using the straight-line method with an estimated residual value of $14,000. 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 2019 and 2020. 2. For the year ended December 31, 2021, record amortization expense for the patent. (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 Debit Credit No Transaction 1 General Journal Amortization Expense Accumulated Depreciation 1 38,000 38,000

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

#6. A 130.0 mL buffer solution is 0.110 molL−1 in NH3 and 0.125 molL−1 in NH4Br. A)...

Chemistry
Q

The polygon shown is formed by joining unit squares on dot paper Find the perimeter...

Geometry
Q

Suppose the average height of US men is 70 inches with a standard deviation of...

Basic Math
Q

Using the traces and contour lines draw the quadratic surface x 1 y 4 9...

Calculus
Q

9. Which of the following is not an organizational process asset that is...

Accounting
Q

Bedford Inc. had the following transactions during 2017: Exchanged land for...

Accounting
Q

Cullumber Motors is a major car manufacturer with a wide variety of models, including its...

Accounting
Q

The capital expenditures budget is completed before the preparation of the cash budget. True or...

Accounting
Q

Also, what are the key sources of information relative to ethical and professional responsibilities, that...

Accounting
Q

Rodgers Corporation produces and sells football equipment. On July 1, Year 1, Rodgers Corporation issued...

Accounting
Q

The following data are for the current year: The company produced and sold 20,000 units....

Accounting
Q

1. Use the following information to evaluate whether or not you should buy stock A...

Finance