E9-5 (Algo) Determining Financial Statement Effects of Straight-Line Depreciation and Repairs [LO 9-2, LO 9.3] Wiater Company operates a smail manufacturing facility, On January 1, 2021, an asset account for the company showed the following balances: Equipnent AccumalatedDepreoiation(beginningoftheyear)141,0005310,000 During the first week of January 2021, the following cash expenditures were incurred for repairs and maintenance: Routine maintenance and repaira on the equipent Majoroverhauloftbeequipentthatisprovedefficioncy42,000$3,650 The equipment is being depreciated on a straight-line basis over an estimated life of 10 years with a $28,000 estimated residual value. The annual accounting period ends on December 31 . Required: 1. Prepare the adjusting joumal entry that would have been made at the end of 2020 for depreciation on the mafacturing equipment 2. Starting at the beginning of 2021 , what is the remaining estimated life? 3. Prepare the journal entries to record the two expenditures for repairs and maintenance during 2021 . Complete this question by entering your answers in the tabs below. Prepare the adjusting joumal entry that would have been made at the end of 2020 for depreciation on the manufacturing equipment: (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required in in the first account field.) Journal entry worksheet Aiecord the adjusting entry for depreciation expense at year-end 2020 . Wotipi Fhter dictotr Before cregin Starting at the beginning of 2021 , what is the remaining estimated life? Aregu: the jouthal entries to recoird the hwo expenditures for repaics and maintenance during 2021 , (If no entry is required for a transachipfevent, seled "No foumal Entry Reguired" in the first accoudnt field.? Journal entry worksheet Aocord the expenditure for ordinary repairs incurred. Prepare the joumal entries to record the two expenditures for repairs and maintenance during 2021. (If no entry is required for a transaction/event, saiect "No Joamal Enthy Requireo" in the first account field.) Journal entry worksheet Record the expenditure for extraordinary repairs incurred. Nole! Enter debits bef pre credtu. E9-5 (Algo) Determining Financial Statement Effects of Straight-Line Depreciation and Repairs [LO 9-2, LO 9.3] Wiater Company operates a smail manufacturing facility, On January 1, 2021, an asset account for the company showed the following balances: Equipnent AccumalatedDepreoiation(beginningoftheyear)141,0005310,000 During the first week of January 2021, the following cash expenditures were incurred for repairs and maintenance: Routine maintenance and repaira on the equipent Majoroverhauloftbeequipentthatisprovedefficioncy42,000$3,650 The equipment is being depreciated on a straight-line basis over an estimated life of 10 years with a $28,000 estimated residual value. The annual accounting period ends on December 31 . Required: 1. Prepare the adjusting joumal entry that would have been made at the end of 2020 for depreciation on the mafacturing equipment 2. Starting at the beginning of 2021 , what is the remaining estimated life? 3. Prepare the journal entries to record the two expenditures for repairs and maintenance during 2021 . Complete this question by entering your answers in the tabs below. Prepare the adjusting joumal entry that would have been made at the end of 2020 for depreciation on the manufacturing equipment: (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required in in the first account field.) Journal entry worksheet Aiecord the adjusting entry for depreciation expense at year-end 2020 . Wotipi Fhter dictotr Before cregin Starting at the beginning of 2021 , what is the remaining estimated life? Aregu: the jouthal entries to recoird the hwo expenditures for repaics and maintenance during 2021 , (If no entry is required for a transachipfevent, seled "No foumal Entry Reguired" in the first accoudnt field.? Journal entry worksheet Aocord the expenditure for ordinary repairs incurred. Prepare the joumal entries to record the two expenditures for repairs and maintenance during 2021. (If no entry is required for a transaction/event, saiect "No Joamal Enthy Requireo" in the first account field.) Journal entry worksheet Record the expenditure for extraordinary repairs incurred. Nole! Enter debits bef pre credtu
