Property__Plant__and_Equipment_-_Solutio1 - 20,250...

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a) Record the Journal Entry for the purchase of the land and building. Building 180000 Land 420000 Cash 400000 Note Payable  (Long-Term) 200000 b) Record all required adjusting entries at year-end date, December 31, 2012. Depreciation Depreciation Expense
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Unformatted text preview: 20,250 Accumulated Depreciation – Building $180,000 * 15% *9/12 = $27,000 * 9/12 20,250 NOTE: Do not include residual value, as it is declining balance. Interest Expense Interest Expense 7500 Interest Payable 7500...
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This note was uploaded on 01/18/2012 for the course AFM 101 taught by Professor Kennedy during the Fall '08 term at Waterloo.

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