On April 1,2019, the KB Toy Company purchased equipment to be used in its manufacturing...
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On April the KB Toy Company purchased equipment to be used in its manufacturing process. The equipment cost $ has an tenyear useful life, and has no residual value. The company uses the straightline depreciation method for all manufacturing equipment. On January $ was spent to repair the equipment and to add a feature that increased its operating efficiency. Of the total expenditure, $ represented ordinary repairs and annual maintenance and $ represented the cost of the new feature. In addition to increasing operating efficiency, the total useful life of the equipment was extended to years. Required: Prepare journal entries for the depreciation for and Prepare journal entries for the expenditure. Prepare journal entries for the depreciation for
On April the KB Toy Company purchased equipment to be used in its manufacturing process. The equipment cost $ has an tenyear useful life, and has no residual value. The company uses the straightline depreciation method for all manufacturing equipment.
On January $ was spent to repair the equipment and to add a feature that increased its operating efficiency. Of the total expenditure, $ represented ordinary repairs and annual maintenance and $ represented the cost of the new feature. In addition to increasing operating efficiency, the total useful life of the equipment was extended to years.
Required:
Prepare journal entries for the depreciation for and
Prepare journal entries for the expenditure.
Prepare journal entries for the depreciation for
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