Martinez Company owns a building tat appears on its prior yearend balance sheet at its original $572,00 cost less $429,000 accumulated depreciation. The building is depreciated on a straight-line basis assuming a 20-year life and no salvage value. During the first week in January of the current calendar year, major structural repairs are completed on the building at a $68,350 cost. The repair extend its useful life for 5 years beyond the 20 years originally estimated.

Required

1. Determine the building's age (plant asset age) as of the prior year-end balance sheet date.

2. Prepare the entry to record the cost of the structural repairs that are paid in cash.

3. Determine the book value of the building immediately after the repairs are recorded.

4. Prepare the entry to record the current calendar year's depreciation.