21 Part 1 of 3 10 points eBook Het Print References Required information (The following information applies to the questions displayed below.] Manrow Growers, Incorporated, owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of this year, an asset account for the company showed the following balances: Equipment Accumulated depreciation through the end of last year $ 350,000 165,000 During the current year, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 1 of the current year that improved efficiency $ 42,000 Routine maintenance and repairs on the equipment 5,000 The equipment is being depreciated on a straight-line basis over an estimated life of eight years with a $20,000 estimated residual value. The annual accounting period ends on December 31. Required: 1. Prepare the adjusting entry that was made at the end of last year for depreciation on the equipment. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet. Pray 21 22 23 of 24 Next > 21 Part 1 of 3 Required information Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list 10 points Journal entry worksheet eBook < Hint Record the adjusting entry for depreciation on the equipment at the end of last Print year. References Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 17 The following data were included in a recent Apple Incorporated annual report ($ in millions): In millions 2017 12 Net sales points Net property, plant, and equipment $ 229,234 33,783 2018 $ 265,595 41,304 2019 $260,174 37,378 2020 $274,515 36,766 Required: eBook Hint Compute Apple's fixed asset turnover ratio for 2018, 2019, and 2020. Note: Do not round intermediate calculations. Round your final answers to 2 decimal places. 2018 2019 2020 Print Fixed asset turnover ratio References