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With the information noted above, fill in the table below. Required information [The following information applies to the questions displayed below.] Hulme Company operates a
With the information noted above, fill in the table below.
Required information [The following information applies to the questions displayed below.] Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of the current year, an asset account for the company showed the following balances: Manufacturing equipment Accumulated depreciation through the end of last year $140,100 51,100 During the current year, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 2 the current year that improved efficiency Routine repairs on the equipment $7,000 500 The equipment is being depreciated on a straight-line basis over an estimated life of 17 years with a $16,000 estimated residual value. The annual accounting period ends on December 31. Pequired: - Prepare the adjusting entry that was made at the end of last year for depreciation on the manufacturing equipment. Note: Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No journal entry equired" in the first account field. Journal entry worksheet Record the adjusting entry for depreciation on the manufacturing equipment at the end of last year. Note: Enter debits before credits
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