Wiater Company operates a small manufacturing facility. On January 1, 2015, an asset account for the company
Question:
Equipment€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦€¦.. $ 160,000
Accumulated Depreciation (beginning of year)€¦€¦€¦ 100,000
During the first week of January 2015, the following expenditures were incurred for repairs and maintenance:
Routine maintenance and repairs on the equipment€¦€¦€¦€¦... $ 1,850
Major overhaul of the equipment that improved efficiency€¦€¦ 24,000
The equipment is being depreciated on a straight- line basis over an estimated life of 15 years with a $ 10,000 estimated residual value. The annual accounting period ends on December 31.
Required:
Indicate the effects (accounts, amounts, and + or €“) of the following two items on the accounting equation, using the headings shown below.
1. The adjustment for depreciation made last year at the end of 2014.
2. The two expenditures for repairs and maintenance during January 2015.
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Related Book For 
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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