Question: help me please Instructions Prepare the general journal entries that should be made at December 31, 2018, to record these events. (Ignore tax effects.) E22-12
Instructions Prepare the general journal entries that should be made at December 31, 2018, to record these events. (Ignore tax effects.) E22-12 (L92) (Depreciation Changes) On January 1, 2014, Jackson Company purchased a building and equipment that have the following useful lives, salvage values, and costs. Building, 40-year estimated useful life, $50,000 salvage value, $800,000 cost Equipment, 12-year estimated useful life, $10,000 salvage value, $100,000 cost The building has been depreciated under the double-declining-balance method through 2017. In 2018, the company decided to switch to the straight-line method of depreciation. Jackson also decided to change the total useful life of the equipment to 9 years, with a salvage value of $5,000 at the end of that time. The equipment is depreciated using the straight-line method. Instructions (a) Prepare the journal entry(ies) necessary to record the depreciation expense on the building in 2018. (b) Compute depreciation expense on the equipment for 2018
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