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I have every part of this question right except this one part if anyone could pleaes help me it would be great thank you! Problem
I have every part of this question right except this one part if anyone could pleaes help me it would be great thank you!
Problem 11-4 (Algo) Partial-year depreciation; asset addition; increase in useful life [LO11-2, 11-5, 11-9] On Aprll 1, 2022, the KB Toy Company purchased equipment to be used in Its manufacturing process. The equipment cost $59,400, has an nine-year useful life, and has no residual value. The company uses the straight-line depreclation method for all manufacturing equipment. On January 4, 2024, \$16,300 was spent to repair the equipment and to add a feature that Increased Its operating efficlency. Of the total expenditure, $3,100 represented ordinary repalrs and annual malntenance and $13,200 represented the cost of the new feature. In addition to Increasing operating efficiency, the total useful life of the equipment was extended to 11 years. Requlred: 1. Prepare journal entries for the depreclation for 2022 and 2023. 2. Prepare Journal entry for the 2024 expenditure. [Any capltallzed amounts are recorded using Alternative 2capltalization of new cost]. 3. Prepare journal entry for the depreclation for 2024. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare journal entry for the depreciation for 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field
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