How did you amortize the building up to 20 years, it says 10 years.

	Debit	Credit
Accounts payable		$ 60,000
Accounts receivable	$ 50,000
Additional paid-in capital		60,000
Buildings — net (10-year life)	140,000
Cash and short-term investments	70,000
Common stock		300,000
Equipment — net (8-year life)	240,000
Inventory	110,000
Land	90,000
Long-term liabilities (mature 12/31/25)		180,000
Retained earnings, 1/1/21		120,000
Supplies	20,000
Totals	$ 720,000	$ 720,000

Answer rating: 100% (QA)

Mathews Co Purchase price of Jackson Co 588000 Book Value 480000 Excess of cost over ... View the full answer