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please help On April 1, 2022, the KB Toy Company purchased equipment...

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Accounting

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On April 1, 2022, the KB Toy Company purchased equipment to be used in its manufacturing process. The equipment cost $55,200. has an eight-year useful life, and has no residual value. The company uses the straight-line depreciation method for all manufacturing equipment. On January 4,2024,$14,850 was spent to repair the equipment and to add a feature that increased its operating efficiency. Of the total expenditure, $2,700 represented ordinary repairs and annual maintenance and $12,150 represented the cost of the new feature. In addition to increasing operating efficiency, the total useful life of the equipment was extended to 10 years. Required: 1. Prepare journal entries for the depreciation for 2022 and 2023. 2. Prepare journal entry for the 2024 expenditure. [Any capitalized amounts are recorded using Alternative 2-capitalization of new cost]. 3. Prepare journal entry for the depreciation for 2024 . Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare journal entry for the depreciation for 2024 Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field

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