Coronado Ltd. owned several manufacturing facilities. On September 15 of the current year, Coronado decided to...
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Coronado Ltd. owned several manufacturing facilities. On September 15 of the current year, Coronado decided to sell one of its manufacturing buildings. The building had cost $9,485,000 when originally purchased 8 years ago and had been depreciated using the straight-line method with no residual value. Coronado estimated that the building had a 35-year life when purchased. Prepare the journal entry to record the sale of the building on Coronado's books, assuming 8 years of depreciation has already been recorded in the accounts to the date of disposal. The building was sold for $7,557,000 cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation Sept. 15 Debit Credit Prepare the journal entry to record the sale of the building on Coronado's books, assuming 8 years of depreciation has already been recorded in the accounts to the date of disposal. The building was sold for $7,317,000 cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation Sept. 15 Debit Credit Prepare the journal entry to record the sale of the building on Coronado's books, assuming 8 years of depreciation has already been recorded in the accounts to the date of disposal. The building was sold for $7,167,000 cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation Sept. 15 Debit Credit Coronado Ltd. owned several manufacturing facilities. On September 15 of the current year, Coronado decided to sell one of its manufacturing buildings. The building had cost $9,485,000 when originally purchased 8 years ago and had been depreciated using the straight-line method with no residual value. Coronado estimated that the building had a 35-year life when purchased. Prepare the journal entry to record the sale of the building on Coronado's books, assuming 8 years of depreciation has already been recorded in the accounts to the date of disposal. The building was sold for $7,557,000 cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation Sept. 15 Debit Credit Prepare the journal entry to record the sale of the building on Coronado's books, assuming 8 years of depreciation has already been recorded in the accounts to the date of disposal. The building was sold for $7,317,000 cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation Sept. 15 Debit Credit Prepare the journal entry to record the sale of the building on Coronado's books, assuming 8 years of depreciation has already been recorded in the accounts to the date of disposal. The building was sold for $7,167,000 cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation Sept. 15 Debit Credit
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To record the sale of the building on Coronado Ltds books assuming 8 years of depreciation has alrea... View the full answer
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Posted Date:
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