Manrow Growers, Incorporated, owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts...
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Manrow Growers, Incorporated, owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of this year, an asset account for the company showed the following balances: Equipment Accumulated depreciation through the end of last year $ 384,000 86,750 During the current year, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 1 of the current year that improved efficiency Routine maintenance and repairs on the equipment $ 56,000 8,000 The equipment is being depreciated on a straight-line basis over an estimated life of eight years with a $37,000 estimated residual value. The annual accounting period ends on December 31. E8-6 Part 3 3. Prepare the journal entries to record the two expenditures during the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 2 Record the expenditure for the major overhaul of the equipment. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal Manrow Growers, Incorporated, owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of this year, an asset account for the company showed the following balances: Equipment Accumulated depreciation through the end of last year $ 384,000 86,750 During the current year, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 1 of the current year that improved efficiency Routine maintenance and repairs on the equipment $ 56,000 8,000 The equipment is being depreciated on a straight-line basis over an estimated life of eight years with a $37,000 estimated residual value. The annual accounting period ends on December 31. E8-6 Part 3 3. Prepare the journal entries to record the two expenditures during the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 2 Record the expenditure for the major overhaul of the equipment. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal
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Answer rating: 100% (QA)
Transaction Expenditure for Major Overhaul of Equipment General Journal Date January 1 Current Year Account Title Debit Credit Equipment 556000 Cash o... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259964947
10th edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
Posted Date:
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