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Provide entries using a general journal format to record

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Reference no: EM133000054

Morley Ltd completed the following transactions over a period of several years.

2006

January 1

Purchased land and a building for $450,000 cash. The land and the building had appraised values at that time of $150,000 and $350,000 respectively.

March 29

Paid $30,000 to Re-Nu Company Ltd for renovation costs on the building acquired on I January. Morley Ltd opened for business on 1 April. The building has a useful life of 25 years and a residual value of $15,000. The company depreciates on straight line basis.

December 31

Recorded depreciation expense on the building.

2007

May 21

Paid $2,642 to repair damage to the building caused by a storm.

December 31

Recorded depreciation expense on the building.

2008

December 31

Recorded depreciation expense on the building and decided to record the building at fair value of $360,000. The useful life and residual value remain unchanged.

2009

September 30

The land and buildings were sold for $550,000 cash.

Required:

Problem 1: Provide entries using a general journal format to record the above transactions.

Reference no: EM133000054

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