Tamarisk Company constructed a building at a cost of $2,552,000 and occupied it beginning in January...
Tamarisk Company constructed a building at a cost of $2,552,000
and occupied it beginning in January 2001. It was estimated at that
time that its life would be 40 years, with no salvage value.
In January 2021, a new roof was installed at a cost of $348,000,
and it was estimated then that the building would have a useful
life of 25 years from that date. The cost of the old roof was
$185,600.
What amount of depreciation should have been charged annually from the years 2001 to 2020? (Assume straight-line depreciation.)
| Depreciation from the years 2001 to 2020 |
$ |
What entry should be made in 2021 to record the replacement of the roof? (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
|
Account Titles and Explanation |
Debit |
Credit |
|
(To record the disposition of the old roof.) |
||
|
(To record the installation of the new roof.) |
Prepare the entry in January 2021 to record the revision in the estimated life of the building, if necessary. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
|
Account Titles and Explanation |
Debit |
Credit |
What amount of depreciation should be charged for the year 2021?
| Depreciation for the year 2021 (Assume the cost of the old roof is removed) |
$ |
|
| Depreciation for the year 2021 (Assume the cost of the new roof is debited to accumulated depreciation - building) |
$ |
Homework Answers
![E Depreciation for the year 2001 (assume the cost oft 6 new nook is debited to accumulaled depreciation building ] =0 book va](http://img.homeworklib.com/questions/3b0d41c0-74a9-11ea-bac1-5731da444ad4.png?x-oss-process=image/resize,w_560)
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