Polar Company purchased a building with an expected useful life of 40 years for $600,000 on January
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a. Give the journal entries that would be made by Polar to record the building purchase in 2011 and the depreciation expense for 2011 and 2012, assuming straight-line depreciation is used.
b. Repeat part "a," but now assume that double-declining-balance is used.
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Related Book For
Financial Accounting A User Perspective
ISBN: 978-0470676608
6th Canadian Edition
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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