Exerclse 8-15 Extraordlnary repalrs; plant asset age LO C3 Martinez Company owns a building that appears on lts prior year-end balance sheet at its orlginal $540,000 cost less $405,000 accumulated depreclation. The bullding Is depreclated on a stralght-ine basls assuming a 20-year lfe and no salvage value. During 1. Determine the bullding's age (plant asset age) as of the prior year-end balance sheet date. Age of the building 20 years 2 Prepare the entry to record the cost of the structural repalrs that are pald In cash. View transacion ist Journal entry worksheet Record the $54,000 cost of the structural repairs that are paid in cash Transaction General Journal Credit Record entry Clear entry View gneral joumal 3. Determine the book value of the bulding Immedlately after the repalrs are recorded. Cost of building Revised book value of 4. Prepare the entry to record the current calendar years depreclation. View transacion ist Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of the building. General Journal Transaction DebitCredit Clear entry Record entry View gnral joumal