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Five Flags over New York paid $90,000 for a concession stand. Five Flags started out depreciating the building straight-line over

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Five Flags over New York paid $90,000 for a concession stand. Five Flags started out depreciating the building straight-line over 10 years with zero residual value. After using the concession stand for 5 years, Five Flags determines that the building will remain useful for only 3 more years. Record Five Flag’s depreciation on the concession stand for year 6 by the straight-line method.


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Financial accounting

Financial accounting

ISBN: 978-0132751124

9th edition

Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom

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Question Posted: April 22, 2013 01:22:42
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In accounting terms, depreciation is defined as the reduction of the recorded cost of a fixed asset in a systematic manner until the value of the asset becomes zero or negligible. An example of fixed assets are buildings, furniture, office equipment, machinery, etc. The land is the only exception that cannot be depreciated as the value of land appreciates with time. Depreciation allows a portion of the cost of a fixed asset to be the revenue generated by the fixed asset. This is mandatory under the matching principle as revenues are recorded with their associated expenses in the accounting period when the asset is in use. This helps in getting a complete picture of the revenue

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