FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Endblast Productions showed the following
selected asset balances on December 31, 2020:
Land
Building
Accumulated depreciation, building¹
Equipment
Accumulated depreciation, equipment²
1Remaining estimated useful life is eight years
with a residual value of $60,000; depreciated
using the straight-line method to the nearest
whole month.
2Total estimated useful life is 10 years with a
residual value of $24,000; depreciated using the
double-declining-balance method to the nearest
whole month.
Required:
Prepare the entries for each of the following.
(Round intermediate calculations to the nearest
whole dollar.)
1. The land and building were sold on
September 27, 2021, for $620,000 cash.
2. The equipment was sold on November 2,
2021, for $95,200 cash.
$ 452,800
582,400
416,000
199,200
60,000
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Transcribed Image Text:Endblast Productions showed the following selected asset balances on December 31, 2020: Land Building Accumulated depreciation, building¹ Equipment Accumulated depreciation, equipment² 1Remaining estimated useful life is eight years with a residual value of $60,000; depreciated using the straight-line method to the nearest whole month. 2Total estimated useful life is 10 years with a residual value of $24,000; depreciated using the double-declining-balance method to the nearest whole month. Required: Prepare the entries for each of the following. (Round intermediate calculations to the nearest whole dollar.) 1. The land and building were sold on September 27, 2021, for $620,000 cash. 2. The equipment was sold on November 2, 2021, for $95,200 cash. $ 452,800 582,400 416,000 199,200 60,000
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