LDS Business College

• ACC 101  

  Excel 09.xlsx

  Excel #9                                                                                  

            Use the following data to determine                                                                            

            a. Annual depreciation, using Straight-Line depreciation                                                                               

            b. Gain or loss on sale                                                                         

            c. Necessary journal entries for sale                                                                           

1          Building purchased on 1/1/xx  900,000                                                                      

            Estimated Useful life   20        years                                                  

            Estimated residual value         80,000                                                            

            At end of 3rd year sold building for     775,000                                                                      

                                                            PC - SV/ Ulife                         

a          Annual Depreciation    41,000                                                            

b          Gain/Loss on Sale (dollar amount)      (2,000)                        896,000                                  

                                                                                     820,000          

c          Journal Entry                                                              41,000

            Account           Debit    Credit