Prepare the entry, if necessary, to adjust the account balances because of the revision of the estimated life in 2019. (If no entry isrequired, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented whenamount is entered. Do not indent manually.)Account Titles and ExplanationDebitCredit In 1990, Sheridan Company completed the construction of a building at a cost of $860,000 and first occupied it in January 1991. Itwas estimated that the building would have a useful life of 40 years and a salvage value of $26,000 at the end of that time. Early in2001, an addition to the building was constructed at a cost of $215,000. At that time, it was estimated that the remaining life of thebuilding would be, as originally estimated, an additional 30 years, and that the addition would have a life of 30 years and a salvagevalue of $9,000O. In 2019, it is determined that the probable life of the building and addition will extend to the end of 2050, or 20 yearsbeyond the original estimate.

Prepare the entry, if necessary, to adjust the account balances because of the revision of the estimated life in 2019. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

Prepare the entry, if necessary, to adjust the account balances because of the revision of the estimated life in 2019. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 12RE: Abrat Company failed to accrue an allowance for doubtful accounts of 13,500 in 2019. Upon discovery...

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