The following expenditures are related to land,land improvements,and buildings,which were acquired on November 1,2018.
Required:
Determine the cost of the land,the building and the improvements (Round to the nearest dollar)
Prepare journal entries on December 31,2018 for depreciation assuming the building will have a useful life of 20 years and no residual value.Use double declining balance method and the half-year convention.Depreciate the land improvements using straight-line method,a 5-year life,to the nearest month with zero residual value (to the nearest dollar).

Question

The following expenditures are related to land,land improvements,and buildings,which were acquired on November 1,2018.
  Required:
Determine the cost of the land,the building and the improvements (Round to the nearest dollar)
Prepare journal entries on December 31,2018 for depreciation assuming the building will have a useful life of 20 years and no residual value.Use double declining balance method and the half-year convention.Depreciate the land improvements using straight-line method,a 5-year life,to the nearest month with zero residual value (to the nearest dollar).

Quizplus · Accepted Answer

The Answer of The following expenditures are related to land,land improvements,and buildings,which were acquired on November 1,2018.
  Required:
Determine the cost of the land,the building and the improvements (Round to the nearest dollar)
Prepare journal entries on December 31,2018 for depreciation assuming the building will have a useful life of 20 years and no residual value.Use double declining balance method and the half-year convention.Depreciate the land improvements using straight-line method,a 5-year life,to the nearest month with zero residual value (to the nearest dollar).

The Following Expenditures Are Related to Land,land Improvements,and Buildings,which Were