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Plz help me Martinez Company owns a building that appears on its prior year-end balance sheet at its original $740.000 cost less $555,000 accumulated depreclation.
Plz help me Martinez Company owns a building that appears on its prior year-end balance sheet at its original $740.000 cost less $555,000 accumulated depreclation. 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 $74,000 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 pald in cash View Debit 3. Determine the book value of the building immediately after the repairs are recorded 3 Answer is complete but not entirely correct. Cost of building 185,000 555,000 Less accumulated book value of 185,000 4. Prepare the entry to record the current calendar year's depreciation ction General Journal
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