Larkspur Inc owns a building with a carrying amount of $1.60 million as at January 1, 2023. On that date. Larkspur's management determined that the building's location is no longer suitable for the company's operations and decided to dispose of the building by sale. Larkspur is preparing financial statements for the fiscal year ended December 31, 2023. As at that date, management had an authorized plan in place to sell the building, the building met all criteria for classification as held for sale, and the building's estimated fair value less costs to sell was $0.48 million. The building's depreciation expense for 2023 would amount to $160,000. (a) Prepare the journal entry required on December 31, 2023. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. List debit entry before credit entry) Date December 31, 2023 Account Titles and Explanation Debit Credit

Larkspur Inc owns a building with a carrying amount of $1.60 million as at January 1, 2023. On that date. Larkspur's management determined that the building's location is no longer suitable for the company's operations and decided to dispose of the building by sale. Larkspur is preparing financial statements for the fiscal year ended December 31, 2023. As at that date, management had an authorized plan in place to sell the building, the building met all criteria for classification as held for sale, and the building's estimated fair value less costs to sell was $0.48 million. The building's depreciation expense for 2023 would amount to $160,000. (a) Prepare the journal entry required on December 31, 2023. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. List debit entry before credit entry) Date December 31, 2023 Account Titles and Explanation Debit Credit

Name: View PoliciesCurrent Attempt in ProgressLarkspur Inc. owns a building
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Description: View PoliciesCurrent Attempt in ProgressLarkspur Inc. owns a building with a carrying amount of $1.60 million as at January 1, 2023. On that date. Larkspur's managementdetermined that the building's location is no longer suitable for the company's o

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

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 21P

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