Solution 1:
Annual depreciation on building = (Cost - Residual value) / useful life = ($9,000,000 - $1,000,000) / 25 = $320,000
Journal Entries | |||
Event | Particulars | Debit | Credit |
1 | Retained earnings Dr ($320,000 - $32,000) | $288,000.00 | |
To Accumulated depreciation - Building | $288,000.00 | ||
(Being correction entry for short depreciation charged for 2019) |
Solution 2:
Depreciation on building for 2021= $320,000
At the beginning of 2019. Robotics Inc. acquired a manufacturing facility for $12 million, 59 milion...
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