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Solution
Depreciation till September 1
| Date | Accounts title and explanation | Debit | Credit |
| Sep-01 | Depreciation expense | $ 8,000.00 | |
| Accumulated depreciation | $ 8,000.00 | ||
| (To record depreciation for 8 months) |
Annual depreciation /12 x 8 = Depreciation till september 1.
| Market value of asset received | $ 340,000.00 | |
| Less: Book value of asset disposed off | ||
| cost | $ 555,000.00 | |
| Less: Accumulated depreciation | $ 263,000.00 | $ 292,000.00 |
| Gain(Loss) | $ 48,000.00 |
.
Entry for sale of building
| Date | Accounts title and explanation | Debit | Credit |
| Sep 1 | Cash | 340000 | |
| Accumulated depreciation | $ 263,000.00 | ||
| Gain on disposal of Building | $ 48,000.00 | ||
| Equipment | $ 555,000.00 | ||
| (To record disposal of equipment) |
Working
| Straight line Method | ||
| A | Cost | $ 555,000 |
| B | Residual Value | $ 75,000 |
| C=A - B | Depreciable base | $ 480,000 |
| D | Life [in years left ] | 40 |
| E=C/D | Annual SLM depreciation | $ 12,000.00 |
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On
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service for five years. Comfy has depreciated the fixtures on the
double-declining-balance basis, with zero residual value. On
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On January 2, 2016 Pet HavenPet Haven purchased fixtures for
$30,800 cash, expecting the fixtures to remain in service for six
years. Pet Haven has depreciated the fixtures on a straight-line
basis, with $2,000 residual value. On August 31,2018, Pet HavenPet
Haven sold the fixtures for $13,500 cash. Record both depreciation
expense for 2018 and sale of the fixtures on August 31,2018.
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