{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-28T09:03:29-04:00", "answer_date": "2024-05-28 09:03:29", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1829269", "url": "\/study-help\/questions\/pharoahs-repair-service-uses-the-straightline-method-of-depreciation-the-1829269", "question_creation_date_js": "2024-05-28T09:03:29-04:00", "question_creation_date": "May 28, 2024 09:03 AM", "meta_title": "[Solved] Pharoah's Repair Service uses the straigh | SolutionInn", "meta_description": "Answer of - Pharoah's Repair Service uses the straight-line method of depreciation. The company's fiscal year-end is December 31. | SolutionInn", "meta_keywords": "pharoah,s,repair,service,straight-line,method,depreciation,company,fiscal,year-end,december,31", "question_title_h1": " Pharoah's 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", "question_title": " Pharoah's Repair Service uses the straight-line method of depreciation. The company's", "question_title_for_js_snippet": "Pharoah's 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 2021 July 1 Nov 3 Purchased equipment from the Equipment Center for $6,700 cash plus sales tax of $380, and shipping costs of $500 Incurred ordinary repairs on computer of $410 Dec 31 Recorded 2021 depreciation on the basis of a four year life and estimated salvage value of $660 2022 Dec 31 Recorded 2022 depreciation 2023 Jan 1 Paid $3,500 for a major upgrade of the equipment This expenditure is expected to increase the operating efficiency and capacity of the equipment Prepare the necessary entries (Credit account titles are automatically indented when the amount is entered Do not indent manually If no entry is required, select No Entry for the account titles and enter O for the amounts Record journal entries in the order presented in the problem )", "question_description": "\"image\"image", "transcribed_text": "Pharoah's 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. 2021 July 1 Nov. 3 Purchased equipment from the Equipment Center for $6,700 cash plus sales tax of $380, and shipping costs of $500. Incurred ordinary repairs on computer of $410. Dec. 31 Recorded 2021 depreciation on the basis of a four-year life and estimated salvage value of $660. 2022 Dec. 31 Recorded 2022 depreciation. 2023 Jan. 1 Paid $3,500 for a major upgrade of the equipment. This expenditure is expected to increase the operating efficiency and capacity of the equipment. Prepare the necessary entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select \"No Entry\" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)", "related_book": { "title": "Intermediate Accounting", "isbn": "978-0538467087, 9781111781262, 538467088, 1111781265, 978-0324659139", "edition": "11th edition", "authors": "Loren A. Nikolai, John D. Bazley, Jefferson P. Jones", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/268.jpg", "uri": "\/textbooks\/intermediate-accounting-11th-edition-268", "see_more_uri": "" }, "free_related_book": { "isbn": "1364429497", "uri": "\/textbooks\/the-winning-of-the-carbon-war-1st-edition-978-1364429492-201289", "name": "The Winning Of The Carbon War", "edition": "1st Edition" }, "question_posted": "2024-05-28 09:03:29", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/put-all-of-the-below-items-in-the-correct-format-663450", "description": "Put all of the below items in the correct format. Don't be concerned about numbers. Just get the lines and headings all in the right places. 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