Problem 11-4 Partial-year depreciation; asset addition; increase in useful life [LO11-2, 11-5, 11-9]

value: 2.00 points Problem 11-4 Partial-year depreciation, asset addition; increase in useful life [L011-2, 11-5, 11-9] On April 1, 2014, the KB Toy Company purchased equipment to be used in its manufacturing process. The equipment cost $54,200, has an ten-year useful life, and has no residual value. The company uses the straight-line depreciation method for all manufacturing equipment. On January $13,850 was spent the equipment and to add a feature that increased its operating efficiency. Of the total expenditure, $2,600 represented ordinary repairs and annual maintenance and $11,250 represented the cost of the new feature. In addition to increasing operating efficiency, the total useful life of the equipment was extended to 12 years. Required 1. Prepare journal entries for the depreciation for 2014 and 2015. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list journal entry worksheet Date General Journal Debit Credit December 31, 2014 Depreciation expense 4,065 Accumulated depreciation-Equipment 4,065 December 31, 2015 Depreciation expense 5,420 5,420 Accumulated depreciation Equipment