Dr. Maintenance costs - Ships 75,000 Dr. Maintenance and repairs expense 75,000 Cr. Cash 300,000 21 On 1/1/2017 ABC Inc. has equipment with cost of $240,000 with useful life of 12 years and no salvage value, and the company decide to depreciate it by using straight line method. On 31/12/2019 accumulated depreciation amounted to $60,000. The fair value of the asset is assessed to be $198,000. When the company prepare the entries about this transaction, one of the following accounts will appear correctly on 13/12/2019: * (2 Points) Dr. Revaluation surplus 18,000 Cr. Retained earnings 2,000 Cr. Revaluation surplus 2,000 Cr. Accumulated depreciation 60,000 N 5