Sandhill Manufacturing operates a small factory building. Recently, the company paid some amounts related to its property, plant, and equipment (a) Your Answer Correct Answer (Used) Sandhill paid $45,600 to replace part of the factory floor. The floor had been capitalized as part of the factory building when it was purchased ten years previously and was not considered a separate component. When purchased the building had been assumed to have a 30-year useful life and was being depreciated on a straight-line basis. At the time of the floor replacement, the building had been depreciated for 10 years. Sandhill estimated that the original cost of the floor would have been 15% cheaper than the new replacement due to inflation. Prepare the journal entries to record these transactions, assuming Sandhill follows IFRS. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entryfor the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Buildings 45,600 Sandhill paid $45,600 to replace part of the factory floor. The floor had been capitalized as part of the factory building when it was purchased ten years previously and was not considered a separate component. When purchased the building had been assumed to have a 30-year useful life and was being depreciated on a straight-line basis. At the time of the floor replacement, the building had been depreciated for 10 years. Sandhill estimated that the original cost of the floor would have been 15% cheaper than the new replacement, due to inflation. Prepare the journal entries to record these transactions, assuming Sandhill follows IFRS. (Credit account titles are automatically indented when the amount is entered. Do not ndent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Building 45.600 45.600 (To record new factory floor) Loss in Dlapocal of Building 25,840 Accumulated Depreciation Buildings 12.920 Building 38,760 (Tn record the entry for the floor (b) a Sandhil paid a local company to perform some work on one of the company's forklifts (F1). The itemized invoice for the work showed charges of $750 for re-aligning the wheels, $240 for an oil change. $170 for replacing one of the belts, and $370 for touching up some paint Prepare the journal entry to record this transaction, assuming Sandhill follows IFRS. (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 for the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media