Water Company operates a small manufacturing facility. On January 1, 2018, an asset account for the company showed the following balances: Equipment Accumulated Depreciation (beginning of the year) $165,000 76,000 During the first week of January 2018, the following expenditures were incurred for repairs and maintenance Routine maintenance and repairs on the egalment Major overhaul of the equipment that Improved atticiency $ 2.150 27,000 CE The equipment is being depreciated on a straight line basis over an estimated life of 10 years with a $13,000 estimated residual value. The annual accounting period ends on December 31 Required: 1. Prepare the adjusting journal entry that would have been made at the end of 2017 for depreciation on the manufacturing equipment 2. Starting at the beginning of 2018, what is the remaining estimated life? 3. Prepare the journal entries to record the two expenditures for repairs and maintenance during 2018 Complete this question by entering your answers in the tabs below. Required Required Required 1 2 Prepare the adjusting Journal entry that would have been made at the end of 2017 for depreciation on the manufacturing equipment. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Show less View transaction list Journal entry worksheet Record the adjusting entry for depreciation expense at year-end 2017 Note: Enter debits before credits Taction General Journal 1 Dubai Crect Record entry View.general journal Clear entry Required 2 > Wiater Company operates a small manufacturing facility. On January 1, 2018, an asset account for the company showed the following balances: Equipment Accumulated Depreciation (beginning of the year) $165,000 76,000 During the first week of January 2018, the following expenditures were incurred for repairs and maintenance: $ 2,150 Routine maintenance and repairs on the equipment Major overhaul of the equipment that improved efficiency 27,000 CE The equipment is being depreciated on a straight-line basis over an estimated life of 10 years with a $13,000 estimated residual value. The annual accounting period ends on December 31. Required: 1. Prepare the adjusting journal entry that would have been made at the end of 2017 for depreciation on the manufacturing equipment 2. Starting at the beginning of 2018, what is the remaining estimated life? 3. Prepare the journal entries to record the two expenditures for repairs and maintenance during 2018. Complete this question by entering your answers in the tabs below. 1 3 Required Required Required 2 Starting at the beginning of 2018, what is the remaining estimated life? Remaining Estimated Life years Wister Company operates a small manufacturing facility. On January 2018, an asset account for the company showed the following balances Equipment Accumulated Depreciation beginning of the year) $165,000 76,000 During the first week of January 2018, the following expenditures were incurred for repairs and maintenance Routine maintenance and repairs on the $ 2,150 Major overhaul of the equipment that 27,000 improved officiency The equipment is being depreciated on a straight line basis over an estimated life of t0 years with a $13,000 estimated residual value. The annual accounting period ends on December 31. Required: 1. Prepare the adjusting journal entry that would have been made at the end of 2017 for depreciation on the manufacturing equipment 2. Starting at the beginning of 2018, what is the remaining estimated life? 3. Prepare the journal entries to record the two expenditures for repairs and maintenance during 2018 Complete this question by entering your answers in the tabs below. Required Required Required Prepare the journal entries to record the two expenditures for repairs and maintenance during 2018. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account held.) Show less View transaction list Journal entry worksheet > Record the expenditure for ordinary repairs incurred. Note: Enter debits before credits Transaction 1 Generalfour Credit Record entry View general journal Clear entry Required 2 Water Company operates a small manufacturing facility. On January 2018, an annet account for the company showed the following balances Equipment Accutulated Depreciation (beginning of the year) $165,000 76,000 During the first week of January 2018, the following expenditures were incunted for repairs and maintenance $ 2.150 Routine maintenance and repairs on the equipment Major overhaul of the equipment that improved efficiency 27,000 The equipment is being depreciated on a straight line boss over an estimated life of 10 years with $17,000 estimated residual value. The annual accounting period ends on December Required: 1 Prepare the adjusting journal entry that would have been made at the end of 2017 for depreciation on the manufacturing equipment 2. Starting at the beginning of 2018, what is the remaining estimated ? 3. Prepare the journal entries to record the two expenditures for repairs and maintenance during 2011 Complete this question by entering your answers in the tabs below. Required Required Required Prepare the journal entries to record the two expenditures for repairs and maintenance during 2016. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Show less View transaction list Journal entry worksheet A 8 Record the expenditure for extraordinary repairs incurred. Note: Enter debits before credits Transaction General ournal Doba Credit Record entry View general Journal Clear entry
