9 Exercise 8-15 Extraordinary repairs: plant asset age LO C3 Martinez Company owns a building that appears on its prior year-end balance sheet at accumulated depreciation. The building is depreciated on a straight-ine basis a the first week in January of the current repairs extend its useful life for 5 years beyond the 20 years originally estimated 14 its original $572,000 cost less $429,000 a 20-year life and no salvage value. During calendar year, major structural repairs are completed on the building at a $68,350 cost. The 1, Deermine the buliding's age (olant asset age as of the pior year- end balance sheet 2. Prepare the entry to record the cost of the structural repairs thet are paid in cash. Journal entry worksheet Prev 90, 10111 Next >