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Moore Corportation follows a policy of a 10% depreciation charge per year on all machinery and a 5% depreciation charge per year on buildings (the corportation uses the nearest full month assumption to calculate depreciation). The following occurred in 2015:
A. March 31, 2015 - Negotiations which began in 2014 were completed and a building purchased 1/1/06 (depreciation has been properly charged through December 31, 2014) at a cost of $6,400,000 with a fair value of $4,000,000 exchanged for a second building which also had a fair value of $4,000,000. The exchange had no commercial subtance. Both parcels of land on which the buildings were located were equal in value, and had a fair value equal to book value.
Prepare the journal entries to record derpeciation on the old building and nonmonetary exchange on March 15, 2015.
How to determine the depreciation To determine depreciation in straight-line method, take cost of the asset, less the trade-in value, and divide by the estimated years of usefu
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