Martinez Company owns a building that appears on its prior year-end balance sheet at its original $650,000 cost less $487,500 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 $65,000 cost. The repairs extend its useful life for 5 years beyond the 20 years originally estimated. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the building's age (plant asset age) as of the prior year-end balance sheet date. Age of the building years Required Required 2 > Required 1 Required 2 Required 3 Required 4 Prepare the entry to record the cost of the structural repairs that are paid in cash. View transaction list Journal entry worksheet > Record the $65,000 cost of the structural repairs that are paid in cash. Note: Enter debits before credits, General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal Martinez Company owns a building that appears on its prior year-end balance sheet at its original $650,0 accumulated depreciation. The building is depreciated on a straight-line basis assuming a 20-year life and the first week in January of the current calendar year, major structural repairs are completed on the buildi repairs extend its useful life for 5 years beyond the 20 years originally estimated. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the book value of the building immediately after the repairs are recorded. Cost of building Less accumulated depreciation Revised book value of building View transaction list Journal entry worksheet