My checked work is below. I can\'t seem to get some of these right. Please take

Question

My checked work is below. I can't seem to get some of these right. Please take notice to the fact that I'm supposed to use straight line depreciation for vehicles, double declining balance depreciation for buildings, and straightline amortization for franchise rights in this problem!

25.00 polnts PB9-4 Recording Transactions and Adjustments for Tanglble and Intanglble Assets LO 9-1, LO 9-2, LO 9-3, LO 9-4, LO 9-5, LO 9-6) The following transactions and adjusting entries were completed by a local delivery company called Fast Delivery. The company uses straight-ine depreciation for delivery vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for franchise rights Paid $185,000 cash to purchase a small warehouse building near the airport. The building has an estimated life of 20 years and a residual value of $3,300 Paid $53,000 cash to purchase a delivery van. The van has an estimated useful life of five years and a residual value of $10,600 2, 2015 January July 1, 2015 October 2, 2015 Paid $300 cash to paint a small office in the warehouse building October 13, 2015 Paid $150 cash to get the oil changed in the delivery van. December 1, 2015 Paid $75,000 cash to UPS to begin operating Fast Delivery business as a franchise December 31, 2015 Recorded depreciation and amortization on the delivery van, warehouse building June 30, 2016 Sold the warehouse building for $148,000 cash. (Record the depreciation on the December 31, 2016 Recorded depreciation on the delivery van and amortization on the franchise right. using the name The UPS Store. This franchise right expires in five years and franchise right building prior to recording its disposal.) Determined that the franchise right was not impaired in value Required Prepare the journal entries required on each of the above dates. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)

Explanation / Answer

Below are the entries corrected as per your workings:

Workings:

Date Account Name Debit Credit 31-Dec Depreciation Expenses -Buildings      18,500.00 Depreciation Expenses -Equipment        4,240.00 Amortization Expenses -Franchise Rights        1,250.00 Accumulated Depreciation- Buildings      18,500.00 Accumulated Depreciation-Equipment        4,240.00 Accumulated Amortization-Franchise Rights        1,250.00 30-Jun Depreciation Expenses -Buildings        8,325.00 Accumulated Depreciation- Buildings        8,325.00 30-Jun Cash    148,000.00 Accumulated Depreciation- Buildings      26,825.00 Buildings    185,000.00 Loss on Disposal      10,175.00

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