Concept regarding depreciation expense

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Reference no: EM13149793

Dakota Equipment, Inc issued 4,000 shares of its $1 par value common stock for $20 per share on January 1, 2010. On the same day, the company purchased a piece of land valued at $10,000 and a building valued at $40,000. The yearly depreciation on the building is $2,000. Required: Prepare the general journal entries to record the stock issue and the purchase of the land and building on January 1 and the depreciation expense on December 31, 2010.

Reference no: EM13149793

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