Tyler Constructions constructed a new campus block to house Business School.
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Tyler Constructions constructed a new campus block to house Business School. The building cost a tool of $180,000,000 to construct and was completed 30 March 2011, with an expected useful life of 60 years and residual value of $10,000,000. The building is depreciated on a straight line basis. Record the adjusting entry for the financial year ending 30 June 2010
CostsUseful life (Years)Residual value $ 180,000,000.0060$ 10,000,000.00 Annual depreciation (SLM) $ 2,833,333 Depreciation for 3 months(from 30 march 2011 to 30 june 2011) $ 708,333 Note:…
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