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The building (barn and office space) has an estimated useful life of 25 years. Record Depreciation...

The building (barn and office space) has an estimated useful life of 25 years. Record Depreciation for one month. The building was bought on June 3rd for 330,000 and the adjusting entry is for June 30th. I'm unsure how to record depreciation when the item is bought in the middle of the month. Use straight line.

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Cost of the building is 330,000/. Life of the building is 25 years Depreciation per year is -(Cost/Life) Depreciation per year is 330000/25) Depreciation per year is = $ 13,200. Depreciation for June month is-13200/12) Depreciation for June month is $ 1,100/. Adjusting Journal entry for Depreciation expense for Lune is: Date Accounts Title & Explanation Debit $ Credit $ 0-Jun Depreciation Expense - Building 1,10x) To Accumulated Depreciation-Building 1,100)

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