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Wiater Company operates a small manufacturing facility. On January 1 , 2 0 2 1 , an asset account for the company showed the following
Wiater Company operates a small manufacturing facility. On January an asset account for the company showed the following balances:
Equipment
Accumulated Depreciation the year $
During the first week of January the following cash expenditures were incurred for repairs and maintenance:
Routine maintenance and repairs on the equipment Major overhaul of the equipment that improved efficiency
$
The equipment is being depreciated on a straightline basis over an estimated life of years with a $ estimated residual value. The annual accounting period ends on December
Required:
Indicate the effects accounts amounts, and for increase and for decrease of the following two items on the accounting equation, using the headings shown below Enter any decreases to Assets, Liabilities or Stockholder's Equity with a minus sign.
The adjustment for depreciation made last year at the end of
The two expenditures for repairs and maintenance during January
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