Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. solich sandwich shop had the following long-term a

Solich Sandwich Shop had the following long-term asset balances as of December 31, 2021: Accumulated...

60.1K

Verified Solution

Question

Accounting

image
Solich Sandwich Shop had the following long-term asset balances as of December 31, 2021: Accumulated Depreciation Land Building Equipment Patent Cost $ 94,000 459,000 263,000 245,000 $(87,210) (49,800) (98,000) Book Value $ 94,000 371,790 213, 200 147,000 Solich purchased all the assets at the beginning of 2019 (3 years ago). The building is depreciated over a 20-year service life using the double-declining balance method and estimating no residual value. The equipment is depreciated over a 10- year useful life using the straight-line method with an estimated residual value of $14,000. 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 2019 and 2020. 2. For the year ended December 31, 2021, record amortization expense for the patent. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet Debit Credit No Transaction 1 General Journal Amortization Expense Accumulated Depreciation 1 38,000 38,000

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

Physics
1.2K views

A concave mirror of focal length 8 cm is placed on a table with its...

Physics
1.2K views

AB BC CA L BDC is semicircle A concentric conducting loop circular of radius r...

Physics
1.2K views

A hollow ball with a diameter of 3.81 cm has an average density of 0.0839...

Geometry
1.2K views

C D Find the area of the shaded sector Round your answer to the nearest...

Basic Math
1.2K views

ccounts using direct write off method Journalize the following transactions in the accounts of Canyon...

Basic Math
1.2K views

2 3 points Use the elimination method to find all solutions of the system of...

Basic Math
1.2K views

What does the notation P(BIA) mean?Choose the correct answer below.O A. The probability of both...

Algebra
1.2K views

9 Find sin cos tan given cos 2 119 169 and terminates in Q IV

Accounting
1.2K views

Which of the following is FALSE regarding COVID-19-related employer benefits? An employer may claim...

Accounting
1.2K views

Q 3.14: What is the usual order of accounts in the general ledger? A assets,...

Accounting
1.2K views

a) Design a non-inverter threshold detector with a threshold voltage VT=2V, use 15V sources. b)...

Accounting
1.2K views

On December 1 of the current year, the following acoounts and their balances appear in...