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On April 1, 2019, the KB Toy Company purchased equipment to be used in its...

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Accounting

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On April 1, 2019, the KB Toy Company purchased equipment to be used in its manufacturing process. The equipment cost $50,200 has an ten-year useful life, and has no residual value. The company uses the straight-line depreciation method for all manufacturing equipment On January 4, 2021, S12,550 was spent to repair the equipment and to add a feature that increased its operating efficiency of the total expenditure, $2,100 represented ordinary repairs and annual maintenance and $10.450 represented the cost of the new feature. In addition to increasing operating efficiency, the total useful life of the equipment was extended to 12 years Required: 1. Prepare journal entries for the depreciation for 2019 and 2020. 2. Prepare journal entries for the 2021 expenditure. 3. Prepare journal entries for the depreciation for 2021. View transaction list Journal entry worksheet

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