Case 3: Hide Away Storage, Inc. is a storage facility company. Hide Away Storage has a December 31st fiscal year end and is privately held. Each identical storage facility has one building with 250 storage units. As of September 1, 2022, Hide Away Storage owned and operated 8 storage locations in Illinois.
Hide Away Storage made the decision on June 1, 2022 to sell 2 underperforming locations. Hide Away Storage is in the process of accepting bids and hopes to complete the sale of these 2 locations by the end of 2022. In the August 31, 2022 Balance Sheet these 2 locations are correctly classified as “Held for Sale”. The Income Statement for included $40,000 of depreciation expense for these 2 locations for the period June 1, 2022 – August 31, 2022.
Accounting Issue: Is Hide Away Storage permitted/required to recognize depreciation expense on the buildings that are classified as “Held for Sale” for the period of April 1, 2022 – June 30, 2022?
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