The equipment has been depreciated using the

Assignment Help Accounting Basics

Reference no: EM13588558

Robillard Inc. acquired the following assets in January of 2009.

Equipment, estimated service life, 5 years; salvage value, $14,500		$473,350
Building, estimated service life, 30 years; no salvage value		$614,100

The equipment has been depreciated using the sum-of-the-years'-digits method for the first 3 years for financial reporting purposes. In 2012, the company decided to change the method of computing depreciation to the straight-line method for the equipment, but no change was made in the estimated service life or salvage value. It was also decided to change the total estimated service life of the building from 30 years to 40 years, with no change in the estimated salvage value. The building is depreciated on the straight-line method.

(a)		Prepare the journal entry to record depreciation expense for the equipment in 2012.
(b)		Prepare the journal entry to record depreciation expense for the building in 2012.

(Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 125.)

Reference no: EM13588558

Questions Cloud

What would be the effect on the companys overall net : nutall corporation is considering dropping product n28x. data from the companys accounting system appear below sales

The molarity of 25 ammonium hydroxide is 134 m both are : as a routine safety procedure acids and bases should be stored separately in a laboratory. concentrated hydrochloric

The force but not the power required to tow a boat at : question the force but not the power required to tow a boat at constant velocity is proportional to the speed. if a

What is the differential cost between the two alternative r : nicklin corporation is considering two alternatives code-named m and n costs associated with the alternatives are

The equipment has been depreciated using the : robillard inc. acquired the following assets in january of 2009.equipment estimated service life 5 years salvage value

Kyle worked as a free-lance software engineer for the first : kyle worked as a free-lance software engineer for the first three months of 2014. during that time he earned 90000 of

A object is in front of a converging lens f 040 m the : an object is in front of a converging lens f 0.40 m. the magnification of the lens is m 2.1. relative to the lens

Reynolds co issued 72 million face amount of 1075 bonds : reynolds co. issued 72 million face amount of 10.75 bonds when market interest rates were 11.10 for bonds of similar

An electron is fired with speed 2400 ms into a region of : an electron is fired with speed 2400 ms into a region of uniform electric field with magnitude 8 nc. assuming the

User Account

All Pages