Question
Wiater company operates a small manufacturing facility. on january 1 2018, an asset account for the...
wiater company operates a small manufacturing facility. on january 1 2018, an asset account for the company showed the following balances:
Equipment 344,000
accumulated depreciation (beginning of year) 212,000
during the fiest week of jan 2018 the following expenditures were incurred repairs and maintenence:
routine repairs/maintenece 3550
major overhaul for improved effeciency 41,000
The equipment is being depreciated on a straight line basis over an estimatef life of 15 years with a 26000 estimated residual value. the annual accounting period is dec 31.
1.prepare the adjusting journal entry that would have been made at the end of 2017 for depreciation on thr manufacturing equipment.
2. starting at yhe beginning of 2018, ehat is the remaining estimated life?
3. prepare the journal entries to recors the two expenditures for repairs and maintenance during 2018.
Answers
ANSWER:
(1).
Date Account title and explanation Debit Credit 2017 Depreciation expense (344,000-26000) / 15 $21,200 Accumulated depreciation-Equipment $21,200 (2).
Completed estimated life = Accumulated depreciation / Depreciation expense per year
=212,000 / 21,200
=10 years
Running estimated life = Total estimated life-Completed estimated life
=15 years-10 years
=5 years
Therefore, the remaining estimated life is 5 years
(3).
Date Account title and explanation Debit Credit 2018 Repais and maintenance expense $3550 $3550 2018 Equipment $41,000 Cash $41,000 _____________________________________________
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