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Hulme Company operates a small manufacturing facility as a supplement to its regular service activities....

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Accounting

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Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of 2020, an asset account for the company showed the following balances: $ 136,800 54,600 Manufacturing equipment Accumulated depreciation through 2019 During 2020, the following expenditures were incurred for the equipment: $ 15,000 Major overhaul of the equipment on January 2, 2020, that improved efficiency Routine maintenance and repairs on the equipment 500 The equipment is being depreciated on a straight-line basis over an estimated life of 16 years with a $12,000 estimated residual value. The annual accounting period ends on December 31. Journal entry worksheet Record the adjusting entry for depreciation on the manufacturing equipment during 2019. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 2. Starting at the beginning of 2020, what is the remaining estimated life? Remaining life years View transaction list Journal entry worksheet Record the expenditure for the major overhaul of the equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit

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