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Adjusting Entry
Maria Jasmine made some improvements on the basement building on May 1, 2010. Her contract runs for 8 yrs.
Unadjusted Trial Balance - Dec 31, 2012 Leasehold Improvements 504000 Accumulated depreciation Leasehold Improvements 42000 Dr. Depreciation Expense - LI Cr. Accumulated Depre Expense -LI 47250? Is this correct? |
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This depends upon which method you are using to amortise the improvements, simple straight line depreciation would be 63,000 per year, and the diminishing value method using the balances provided 57,750 in this year, however the elapsed period must be taken into account to ensure the asset will be fully written off at expiration of the lease as it would seem to me the dates are a little tangled
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