recorded depreciation for current year.

life of the airplane. The existing airplane originally cost $4,500,000, and by the end of last year, it was half depreciatec based on use of the straight-line method, a 20-year estimated useful life, and no residual value. During the current yeo the following transactions related to the airplane were made: a. Ordinary repairs and maintenance expenditures for the year, $670,000 cash. b. Extensive and major repairs to the airplane's engine, $2,850,000 cash. These repairs were completed at the end of t current year. c. Recorded depreciation for the current year. Applying the policies of Celtic, complete the following, indicating the effects for the preceding expenditures. Indicate the effe quired: tering positive value for increase, negative value for decrease. life of the airplane. The existing airplane originally cost $4,500,000, and by the end of last year, it was half depreciatec based on use of the straight-line method, a 20-year estimated useful life, and no residual value. During the current yeo the following transactions related to the airplane were made: a. Ordinary repairs and maintenance expenditures for the year, $670,000 cash. b. Extensive and major repairs to the airplane's engine, $2,850,000 cash. These repairs were completed at the end of t current year. c. Recorded depreciation for the current year. Applying the policies of Celtic, complete the following, indicating the effects for the preceding expenditures. Indicate the effe quired: tering positive value for increase, negative value for decrease