Jun 16 1510 Land purchase of land 24,000.00 ...
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Accounting
| Jun 16 | 1510 | Land | purchase of land | 24,000.00 | |
| Jun 16 | 1411 | Building | purchase of land | 125,000.00 | |
| Jun 16 | 1110 | Cash | purchase of land | 14,900.00 | |
| Jun 16 | 2201 | Mortgage Payable | purchase of land | 134,100.00 |
For the above transactions, I am having a hard journaling the following entry:
| The fixed assets have estimated useful lives as follows: |
| Building - 31.5 years |
| Computer Equipment - 5.0 years |
| Office Equipment - 7.0 years |
| Use the straight-line method of depreciation. Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The buildings scrap value is $7,500. The office equipment has a scrap value of $350. The computer equipment has no scrap value. Calculate the depreciation for one month. |
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