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(Solution Download) Exercise 11-12 In 1987, Herman Moore Company completed the construction of a building at a cost of $


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise 11-12

 

In 1987, Herman Moore Company completed the construction of a

 

building at a cost of $2,740,000 and first occupied it in January

 

1988. It was estimated that the building will have a useful life of

 

40 years and a salvage value of $82,200 at the end of that

 

time.

 


 

Early in 1998, an addition to the building was constructed at a

 

cost of $685,000. At that time, it was estimated that the remaining

 

life of the building would be, as originally estimated, an

 

additional 30 years, and that the addition would have a life of 30

 

years and a salvage value of $27,400.

 


 

In 2016, it is determined that the probable life of the building

 

and addition will extend to the end of 2047, or 20 years beyond the

 

original estimate.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Using the straight-line method, compute the annual depreciation

 

that would have been charged from 1988 through 1997.

 

(Round answer to 0 decimal places, e.g.

 

45,892.)

 

 

 

 

 

 

 

 

 

 

Annual depreciation from 1988 through 1997

 

$

 

/ yr

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHOW LIST OF ACCOUNTS

 

 

LINK TO TEXT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compute the annual depreciation that would have been charged

 

from 1998 through 2015. (Round answer to 0 decimal

 

places, e.g. 45,892.)

 

 

 

 

 

 

 

 

 

 

Annual depreciation from 1998 through 2015

 

$

 

/ yr

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHOW LIST OF ACCOUNTS

 

 

LINK TO TEXT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepare the entry, if necessary, to adjust the account balances

 

because of the revision of the estimated life in 2016.

 

(If no entry is required, select "No entry" for the

 

account titles and enter 0 for the amounts. Credit account titles

 

are automatically indented when amount is entered. Do not indent

 

manually.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Account Titles and Explanation

 

 

Debit

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHOW LIST OF ACCOUNTS

 

 

LINK TO TEXT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compute the annual depreciation to be charged, beginning with

 

2016. (Round answer to 0 decimal places, e.g.

 

45,892.)

 

 

 

 

 

 

 

 

 

Annual depreciation expenseAc???building

 

$

 

 

 

 

 

 

 

 

 

Click if you would like to Show Work for this

 

question:

 

Open Show Work

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHOW LIST OF ACCOUNTS

 

 

LINK TO TEXT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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