The following transactions and adjusting entries were comple

The following transactions and adjusting entries were completed by a local delivery company called Fast Delivery. The company uses straight-line depreciation for delivery vehicles, double-dedlining-balance depreciation for buildings, and straight-line amortization for franchise rights January 2,2015 July1,2015 Paid $178,000 cash to purchase a small warehouse building near the airport. The building has an estimated life of 20 years and a residual value of $3,600. Paid $46,000 cash to purchase a delivery van. The van has an estimated useful life of five years and a residual value of $9,200. Paid $600 cash to paint a small office in the warehouse building Paid $200 cash to get the oil changed in the delivery van Paid $85,500 cash to UPS to begin operating Fast Delivery business as a franchise using the name The UPS Store. This franchise right expires in five years. October 2, 2015 October 13, 2015 December 1, 2015 December 31, 2015 Recorded June 30, 2016Sold the warehouse building for $142,000 cash. (Record the depreciation on the December 31,2016 Recorded depreciation on the delivery van and amortization on the franchise right depreciation and amortization on the delivery van, warehouse building, and franchise right. building prior to recording its disposal.) Determined that the franchise right was not impaired in value. transaction/event, select \"No Journal Entry Required\" in the first account field. Do not round calculations.) View transaction list Journal entry worksheet 2 Record the purchase of a warehouse building for $178,000 cash

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Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you. Date Account Debit Credit Working Jan 2 2015 Warehouse Building 178000 Cash 178000 Jul 1 2015 Delivery Van 46000 Cash 46000 Oct 2 2015 Repair and Maintenance 600 Cash 600 Oct 13 2015 Repair and Maintenance 200 Cash 200 Dec 1 2015 Franchise Right 85500 Cash 85500 Dec 31 2015 Depreciation-Warehouse Building 17800 178000*10% Depreciation-Delivery Van 3680 (46000-9200)/5*6/12 Amortization Expense 1425 (85500/5)*1/12 Accmulated Depreciation-Warehouse Building 17800 Accmulated Depreciation-Delivery VAN 3680 Accmulated Amortization 1425 Jun 31 2016 Depreciation-Warehouse Building 8010 (178000-17800)*10%*6/12 Accmulated Depreciation-Warehouse Building 8010 Jun 31 2016 Cash 142000 Accmulated Depreciation-Warehouse Building 25810 Loss on Sale of Building 10190 Warehouse Building 178000 Dec 31 2016 Depreciation-Delivery Van 7360 (46000-9200)/5 Amortization Expense 17100 (85500/5) Accmulated Depreciation-Delivery VAN 7360 Accmulated Amortization 17100