Journalizing depreciation
Everyday Accounting Consultants purchased a building for $540,000 and depreciated it on a straight-line basis over a 40-year period.
The estimated residual value is $104,000. After using the building for 15 years. Everyday realized that wear and tear on the building
would wear it out before 40 years. Starting with the 16th year. Everyday began depreciating the building over a revised total life of 25
years.
Requirement
1. Journalize depreciation on the building for years 15 and 16.
Requirement 1. Journalize depreciation on the building for years 15 and 16. (Record debits first. then credits. Explanations are not
required.)
Begin by journalizing the depreciation on the building for year 15.
Journal
llfil credit
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