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Prepare the journal entry for depreciation

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Reference no: EM133106148

Question - On 6/30/22, a company purchased land, a building, and equipment for one price of $800,000. The estimated fair values of the land, building, and equipment are $100,000, $700,000, and $200,000, respectively.

Required -

a) Prepare the journal entry for the purchase.

b) Prepare the journal entry for depreciation on 12/31/22. Kantor uses straight line and 10 years for all depreciable assets. SHOW COMPUTATIONS.

Reference no: EM133106148

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