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Xeno Co. incurred the following transactions concerning its machinery: Jan 1, 2014 Purchased equipment for $55000 plus $3000 freight. Useful life 10 years with a
Xeno Co. incurred the following transactions concerning its machinery: Jan 1, 2014 Purchased equipment for $55000 plus $3000 freight. Useful life 10 years with a residual value of $5000 - Straight Line Jan. 1, 2015 Useful life was changed to 9 years (8 remaining) Jan. 5, 2015 General maintenance of $800 Jan. 1, 2016 Motor was replaced at a cost of $3,800. It is considered a betterment (major repair), no change to the useful life. Prepare the journal entry to record depreciation expense for 2014. Prepare the journal entry to record depreciation expense for 2015. Prepare the journal entry to record depreciation expense for 2016. Round all values to the nearest dollar and show all calculations
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