Accumulated Depreciation, Financial Accounting

Assignment Help:
The office building was bought in January 1, 2011 and was originally planned to be used for 40 years and had no salvage value. It is depreciated on a straight line basis. Now in 2012, the estimated total life remains at 40 years, but the salvage will be $500,000.

The office building is listed at $3,100,000 on the unadjusted trial balance and has accumulated depreciation of $87,500.

I need to prepare the adjusting journal entry to account for accumulated depreciation in 2012. Also, I believe that accumulated depreciation was recorded incorrectly for 2011 so I think I need to adjust for this as well.

Related Discussions:- Accumulated Depreciation

Show danger of high financial gearing, Q. Show danger of high financial gea...

Q. Show danger of high financial gearing? A additional danger of high financial gearing is that a company may move into a loss-making position as a result of high interest paym

Brushy mountain mining''s stock, Brushy Mountain Mining Company's ore reser...

Brushy Mountain Mining Company's ore reserves are being depleted, so its sales are declining. Also, its pit is getting deeper every year, so its costs are rising. As a result, the

Determine the wacc, The capital structure of Wild West Inc. is as follows: ...

The capital structure of Wild West Inc. is as follows: -     Debts: $5,000,000 (face value) bonds with coupon rate at 8.00% and current price at par -      Preferred shares:

State the economic benefit of having accounting information, State the Econ...

State the Economic benefit of having accounting information Economic benefit of having accounting information is even harder to assess.  It's possible to implement some 'scienc

Calculate the annual percentage rate, Your mother-in-law is fretting about ...

Your mother-in-law is fretting about paying her mortgage. She refinanced her mortgage loan a while back, and now is thinking about refinancing again. You are going to help her eval

Excel., prepare an balance sheet

prepare an balance sheet

Student, Open "Hoyle CPA: Earnings Per Share." Under "Free Questions" selec...

Open "Hoyle CPA: Earnings Per Share." Under "Free Questions" select "Financial Accounting & Reporting."

Cash flow statement, does closing balance of cash flow statement equals to ...

does closing balance of cash flow statement equals to cash in balance sheet

Profit is not cash flow, Profit is not cash flow: Adequate cash is esse...

Profit is not cash flow: Adequate cash is essential to keep business running. Inadequate cash increases the risk of not being able to meet current obligations as and when the

Assignment, i want to make assignment

i want to make assignment

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd