Question

Happy Time Amusement Park paid $400.000 for a concession stand. Happy Time started out depreciating the building using the straighine method over 25 years with a resid e of Aer using the concession stand for three years. Happy Time determines that the building will remain for only five more years. Record Happy Time's depreciation on the concession stand for year for using the straight method. Record debt first, then credits Exclude explanations from any ouma Journal Entry Date Accounts Credit

Answer 1

Aho Journal Euloy Date I credit :. Accounts Depreciation Expense Debit $70400 Alc. Dr To Accumulated verrueration Arc | $70400 working Noter Original Depreciation Expense os $400000-0 us 8-|$16000 Book value of Grocession Stamol_o $400,000 - (916000 X3) $352000 Revised Depreciation for remaining pous go $352000 6-1570400)