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What amount will xyz record as a debit to building

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Reference no: EM13499629

On 1/1/2004 XYZ Corp. purchased a building for $550,000, paid closing costs of $12,500, and paid $37,500 to have the building prepared for use. Management of XYZ Corp. estimates that the building will have a useful life of 20 years (the asset will be used through 12/31/2023) and a salvage value of $75,000. The company depreciates is buildings using double-declining balance.

8. Record the 1/1/2004 journal entry for the purchase of the building. What amount will XYZ record as a debit to building?

a. $600,000.
b. $525,000.
c. $550,000.
d. $562,500.
e. $587,500.
f. $675,000.
g. None of the above.


9. On 1/1/2010 XYZ Corp. sells the building for $300,000. Record the journal entry for this transaction. What is the gain or loss XYZ will record related to this sale?

a. Loss of $18,865.
b. Gain of $7,707.
c. Loss of $12,222.
d. Loss of $141,055.
e. Gain of $13,022.
f. Loss of $131,866.
g. None of the above.

Reference no: EM13499629

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