Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. blossom ice fishing limited purchased ice fishing

Blossom Ice Fishing Limited purchased ice fishing huts on December 1,2023, for $123,000 cash. At...

50.1K

Verified Solution

Question

Accounting

Blossom Ice Fishing Limited purchased ice fishing huts on December 1,2023, for $123,000 cash. At that time, the huts were estimated to have a useful life of 10 years and a residual value of $25,000. The huts were disposed of on July 31,2026. Blossom uses the double-diminishing-balance method at two times the straight-line depreciation rate, has a March 31 year end, and makes adjusting entries annually.
record depreciation at march 31,2024,2025,2026
Record depreciation at March 31,2024,2025, and 2026.(List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g.5,275.)
\table[[Date Account Titles and Explanation,,],[31,2024 Depreciation Expense,,],[,Accumulated Depreciation - Buildings,],[31,2025,Depreciation Expense,],[31,2026,Depreciation Expense,],[,,],[,,]]
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Programming
1.2K views

write the code in python Design a class named PersonData with the following member variables: lastName firstName address city state zip phone Write the appropriate...

Psychology
1.2K views

What stresses did the Byzantine Empire endure in the seventh and eighth centuries, and how was...

Psychology
1.2K views

Evaluate whether midlife entails a crisis in development according to each of the adult stage theories.

General Management
1.2K views

a. Describe the role of the store planner. b. Describe a rehabilitation you have observed. c. Describe...

Biology
1.2K views

III Color change on heating IV Formation of starch iodine complex O I II and...

Physics
1.2K views

Question 10 10 J In the center of a sphere of radius 0 5 m...

Physics
1.2K views

radius R is rolling on a horizontal surface Find the angular momentum of the disc...

Basic Math
1.2K views

A single fair die is rolled twice.a) Determine the number of points in the sample...

Accounting
1.2K views

how did you find direct materials used in production on the Cost of Goods Manufactured...

Accounting
1.2K views

Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit...

Accounting
1.2K views

Lotz Corporation has two manufacturing departments-Casting and Finishing. The company used the following data at...

Finance
1.2K views

A company has a pretax cost of debt of 6.0 percent, a cost of equity...