Flint Manufacturing operates a small factory building. Recently, the company paid some amounts related to its property, plant, and

equipment.

Flint paid $$49,200$ to replace part of the factory floor. The floor had been capitalized as part of the factory building when it was

purchased ten years previously and was not considered a separate component. When purchased, the building had been assumed

to have a $30-$year useful life and was being depreciated on a straight$-$line basis. At the time of the floor replacement, the building

had been depreciated for $10$ years. Flint estimated that the original cost of the floor would have been $25\%$ cheaper than the new

replacement, due to inflation.

Prepare the journal entries to record these transactions, assuming Flint follows IFRS. $($Credit account titles are automatically

indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for

the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

$($To record new factory floor.$)$

$($To record removal of the old floor from the building.$)$

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Flint paid a local company to perform some work on one of the company's forklifts $($F$1).$ The itemized invoice for the work showed

charges of $$770$ for re$-$aligning the wheels, $$280$ for an oil change, $$180$ for replacing one of the belts, and $$300$ for touching up

some paint.

Prepare the journal entry to record this transaction, assuming Flint follows IFRS. $($Credit account titles are automatically indented

when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the

amounts. List debit entry before credit entry.$)$

Account Titles and Explanation

Debit

Credit

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Flint also paid a local company $$90,000$ in cash for a computerized control panel. The control panel was to be added to one of

Flint's existing manufacturing machines, which was currently operated manually. The control panel would control the machine by

computer, making it more efficient. The existing machine had been purchased four years previously for $$328,000$ and was

depreciated on a straight$-$line basis over twelve years.

Prepare the journal entry to record this transaction, assuming Flint follows IFRS. $($Credit account titles are automatically indented

when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the

amounts. List debit entry before credit entry.$)$

Account Titles and Explanation

Debit

Credit