eexplain with proper steps ans
calculations
Homework Answers
Journal entry :
| Date | accounts and explanation | Debit | Credit |
| Sep 27, 2021 | Cash | $608000 | |
| Accumulated depreciation | $418775 | ||
| Land | $428800 | ||
| Building | $558400 | ||
| Profit on sale | $39575 | ||
| (To record sale of land and building) |
Note 1: calculation of book value of building as on september 27 2021-
Book value of building as on september 27 2021 = cost - accumulated depreciation till september 27 2021
where,
Accumulated depreciation till september 27 2021 = deprecition expense in the year 2021 + accumulated depreciation till december 31, 2020
Book value as on december 31 2020 = cost - accumulated depreciation
= $558400 - $406400
= $152000
Deprecition expense in the year 2021 =[ (book value as on december 31 2020 - salvage value)/remaining useful life in months ]* number of months used in 2021
=[($152000 - $20000)/(8*12)]*9
= [$132000/96]*9
= $1375*9
= $12375
therefore,
Accumulated depreciation till september 27 2021 = $406400+$12375 = $418775
therefore,
Book value of building as on september 27 2021 = $558400 - $418775 = $139625
Note 2: calculation of profit /loss on sale-
Profit /(loss) on sale = sale amount - book value of land and building as on september 27 2021
= $608000 - ($428800 + $139625)
= $608000 - $568425
= $39575
It is profit.
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Category
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Accumulated Depreciation
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327,500
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110,325
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Plant Asset
Accumulated Depreciation
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$
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Buildings
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