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Marks Repair Service uses the straight-line method of depreciation. The company's fiscal year end is December 31. The following transactions and events occurred during the
Marks Repair Service uses the straight-line method of depreciation. The company's fiscal year end is December 31. The following transactions and events occurred during the first three years. Prepare a TABULAR summary.
| 2013 | July | 1 | Purchased equipment from the Equipment Center for $5,500 cash plus sales tax of $305, and shipping costs of $250. | ||
| Nov. | 3 | Incurred ordinary repairs on computer of $240. | |||
| Dec. | 31 | Recorded 2013 depreciation on the basis of a four-year life and estimated salvage value of $455. | |||
| 2014 | Dec. | 31 | Recorded 2014 depreciation. | ||
| 2015 | Jan. | 1 | Paid $1,800 for a major upgrade of the equipment. This expenditure is expected to increase the operating efficiency and capacity of the equipmen |
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