## (Solution Download) Greg Maddox Company constructed a building at a cost of \$ 3,806,000 and occupied it beginning in Jan

Greg Maddox Company constructed a building at a cost of \$

3,806,000 and occupied it beginning in January 1995. It was

estimated at that time that its life would be 40 years, with no

salvage value.

In January 2015, a new roof was installed at a cost of \$ 519,000 ,

and it was estimated then that the building would have a useful

life of 25 years from that date. The cost of the old roof was \$

276,800 .

What amount of depreciation should have been charged annually

from the years 1995 to 2014? (Assume straight-line

depreciation.)

 Depreciation from the years 1995 to 2014 \$

 SHOW LIST OF ACCOUNTS

What entry should be made in 2015 to record the replacement of

the roof? (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.)

 No. Account Titles and Explanation Debit Credit 1 (To record the disposition of the old roof.) 2 (To record the installation of the new roof.)

 SHOW LIST OF ACCOUNTS

Prepare the entry in January 2015 to record the revision in the

estimated life of the building, if necessary. (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

What amount of depreciation should be charged for the year

2015?

 Depreciation for the year 2015 (Assume the cost of the new roof is debited to accumulated depreciation - equipment) \$ Depreciation for the year 2015 (Assume the cost of the old roof is removed) \$

Solution details:
STATUS
QUALITY
Approved

This question was answered on: Dec 08, 2020

Solution~000652147654228.zip (25.37 KB)

This attachment is locked

We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free solution (Deadline assured. Flexible pricing. TurnItIn Report provided)

STATUS

QUALITY

Approved

Dec 08, 2020

EXPERT

Tutor