Exercise 10-15 Extraordinary repairs; plant asset age LO C3 Martinez Company owns a building that appears on its prior year-end balance sheet at its original $572,000 cost less $429,000 accumulated depreciation. The building is depreciated on a straight-line basis assuming a 20-year life and no the first week in January of the current calendar year, major structural repairs are completed on the building at a $68,350 cost. The repairs extend its useful life for 5 years beyond the 20 years originally estimated. salvage value. During 1. Determine the building's age (plant asset age) as of the prior year-end balance sheet date 2. Prepare the entry to record the cost of the structural repairs that are paid in cash No 68 350 68,350 Ch10 10 3. Determine the book value of the building immediately after the repairs are recorded nts Cost of building Less accumulated depreciation Revised book value of building eBook Hint Ask 4. Prepare the entry to record the current calendar year's depreciation View transaction list Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of the building- Note: Enter debits before credits. Record entry Clear entry View general jounal