Current Attempt in Progress Sunland Ice Fishing Limited purchased ice fishing huts on December...

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Accounting

Current Attempt in Progress
Sunland Ice Fishing Limited purchased ice fishing huts on December 1,2023, for $119,000 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. Sunland uses the doublediminishing-balance method at two times the straight-line depreciation rate, has a March 31 year end, and makes adjusting entries annually.
(a) 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, eg.5.275.)
They were sold for $82,600.
They were sold for $42,600.
They were retired for no proceeds.
No. Date Account Titles and Explanation
July 31
Depreciation Expertos
Accumulated Depreciation - Buildings
(To record depreciation on buildings disposed)
(1.) July 31
Debit
Credit
Credit
82600
Acournulated Depreciation-Buildires
Buildines:
119000
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