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Please show journal entries for this transaction Purchased an existing bakery for cupcake production at a...

Question:

Purchased an existing bakery for cupcake production at a cost of $1,000,000 which is immediately operational. Expected usefulPlease show journal entries for this transaction

Purchased an existing bakery for cupcake production at a cost of $1,000,000 which is immediately operational. Expected useful 3/1/20 life on the building is 10 years and the relevant depreciation will be recorded using the straight line method. 21 calculate

Answers

Journal Entry
Date Account Tittle Debit Credit
Depreciation Expense $100,000.00
Accumulated Depreciation $100,000.00
Computation of Depreciation Expense
Cost of Bakery :- 1000000
Life of Building = 10 year
Annual Depreciation as per SLM= Cost of Bakery / Life
$1000000/10= $100000
.

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