Wiater Company operates a small manufacturing facility as a supplement to its regular service activities.

At the beginning of 2004. an asset account for the company showed the following balances:

During 2004, the following expenditures were incurred for repairs and maintenance:

Required: 1. Give the adjusting entry that was made at the end of 2003 for depreciation on the manufacturing equipment. 2. Starting at the beginning of 2004. what is the remaining estimated life? 3. Give the journal entries to record the two expenditures for repairs and maintenance during 2004.

Transcribed Image Text:

Manufacturing equipment $80,000 Accumulated depreciation through 2003 55,000