Solich Sandwich Shop had the following long-term asset balances as of December 3

Question

Solich Sandwich Shop had the following long-term asset balances as of December 31, 2018: Accumulated Depreclation Book Value 93,000 370,980 61,800 144,000 Cost Land Building Equipment Patent $ 93,000 458.000 211,400 240,000 $(87020) (49,600) (96,000) Solich purchased all the assets et the beginning of 2016 (3 years ago). The building is depreciated over a 20-yeer service life using the double-declining-belance method and estimating no residuel velue. The equipment is depreciated over a 8-year useful life using the straight-line method with an estimated residual value of $13,000. The patent is estimated to have a five-year service life with no residual value and is amortized using the straight-line method. Depreciation and amortization have been recorded for 2016 and 2017 References Section Break Problem 7-7A Compute depreciation, amortization, and book value of long-term assets (L07-4,7-5) Required information 1.00 points Problem 7-7A Part 1 Required 1. For the year ended December 31, 2018, record depreciation expense for buildings and equipment. Land is not depreciated. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet

Explanation / Answer

Dear Student,

Best effort has been made to give quality and correct answer. But if you find any issues please comment your concern. I will definitely resolve your query.

Date Account description Debit Credit 31-Dec-18 Depreciation Expenses- Building $ 37,098 Depreciation Expenses- Equipment $ 24,800 Accumulated Depreciation- Buildings $ 37,098 Accumulated Depreciation- Equipment $ 24,800 (Being Depreciation recorded)

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.