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Question 6 Property, plant and Equipment, adjusting entries using Pivot tables as support You have recently been hired for a work term at LensCo, a

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Question 6 Property, plant and Equipment, adjusting entries using Pivot tables as support You have recently been hired for a work term at LensCo, a privately owned chain of eyewear stores. In an effort to further expand its range of eyewear, LensCo acquired 100% of the shares of Solar Film Inc. (SFI) on January 1, 2021. SFI produces a brand of sunglasses that protects the eyes from sun damage. LensCo has been busy integrating the two companies financial reporting systems. As a result, LensCo is still finalizing the financial statements for 2020. Your supervisor, Lee Cohen, needs your help with the Fixed Assets Register (sce separate Lens Co Excel Data book). In reviewing the data, Lee realized that the costs incurred for service provider fees should have been expensed to Repairs and Maintenance expense. Instead, they were incorrectly capitalized to Property, Plant and Equipment, with depreciation recorded in 2019 and 2020. These service provider fees are listed as EXTERNAL QTRLY SERVICE under the DESCRIPTION column in the Fixed Assets Register (see separate Excel tab). Required: 1) Prepare, using the Fixed Assets Register, a Pivot Table in a separate sheet that provides the supporting numbers for the necessary adjusting entry. The Pivot Table should be a separate sheet. Hint #1: First think of the information that you need to make the adjusting entry -- you need to reverse the PPE asset, reverse depreciation recorded in 2019 and 2020, and record repairs and maintenance expense for 2019 and 2020. Assume 2020 books are still open. Hint #2: If you filter the Description column in the Fixed Assets Register, and select EXTERNAL QTRLY SERVICE it will help you see the information that has been recorded for this cost. Hint #3: Watch the Pivot Table video provided on D2L under Table of Contents>Appendix A- Cashflows >Step 1) Introduction: Review the pre-class materials. Pivot tables are easy to prepare and used often by accountants so this assignment gives you practice with this applied skill. 2) Prepare the necessary adjusting entry(ies) to correct 2019 and 2020 below, with the Pivot Table providing the supporting numbers for the entry(ies). Hint: The account names are provided as a dropdown menu under the Account column below, Account Debit Credit Question 6 Property, plant and Equipment, adjusting entries using Pivot tables as support You have recently been hired for a work term at LensCo, a privately owned chain of eyewear stores. In an effort to further expand its range of eyewear, LensCo acquired 100% of the shares of Solar Film Inc. (SFI) on January 1, 2021. SFI produces a brand of sunglasses that protects the eyes from sun damage. LensCo has been busy integrating the two companies financial reporting systems. As a result, LensCo is still finalizing the financial statements for 2020. Your supervisor, Lee Cohen, needs your help with the Fixed Assets Register (sce separate Lens Co Excel Data book). In reviewing the data, Lee realized that the costs incurred for service provider fees should have been expensed to Repairs and Maintenance expense. Instead, they were incorrectly capitalized to Property, Plant and Equipment, with depreciation recorded in 2019 and 2020. These service provider fees are listed as EXTERNAL QTRLY SERVICE under the DESCRIPTION column in the Fixed Assets Register (see separate Excel tab). Required: 1) Prepare, using the Fixed Assets Register, a Pivot Table in a separate sheet that provides the supporting numbers for the necessary adjusting entry. The Pivot Table should be a separate sheet. Hint #1: First think of the information that you need to make the adjusting entry -- you need to reverse the PPE asset, reverse depreciation recorded in 2019 and 2020, and record repairs and maintenance expense for 2019 and 2020. Assume 2020 books are still open. Hint #2: If you filter the Description column in the Fixed Assets Register, and select EXTERNAL QTRLY SERVICE it will help you see the information that has been recorded for this cost. Hint #3: Watch the Pivot Table video provided on D2L under Table of Contents>Appendix A- Cashflows >Step 1) Introduction: Review the pre-class materials. Pivot tables are easy to prepare and used often by accountants so this assignment gives you practice with this applied skill. 2) Prepare the necessary adjusting entry(ies) to correct 2019 and 2020 below, with the Pivot Table providing the supporting numbers for the entry(ies). Hint: The account names are provided as a dropdown menu under the Account column below, Account Debit Credit

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