At the end of the prior year ending on December 31, Year 1, O'Connor Company's records reflected the following for Machine Cost when acquired Accumulated depreciation $ 32,400 11,000 At the beginning of January of the current year, the machine was renovated at a cost of $16,700. As a result, the estimated life increased from five years to eight years, and the residual value increased from $4,900 to $6,900. The company uses straight-line depreciation. Required: 1. Prepare the journal entry to record the renovation. 2. How old was the machine at the end of the prior year? 3. Give the adjusting entry at the end of the current year to record straight-line depreciation for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Give the adjusting entry at the end of the current year to record straight-line depreciation for the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the straight-line depreciation for the machinery on December 31st (year 3). Note: Enter debits before credits. Date December 31 General Journal Debit Credit

At the end of the prior year ending on December 31, Year 1, O'Connor Company's records reflected the following for Machine Cost when acquired Accumulated depreciation $ 32,400 11,000 At the beginning of January of the current year, the machine was renovated at a cost of $16,700. As a result, the estimated life increased from five years to eight years, and the residual value increased from $4,900 to $6,900. The company uses straight-line depreciation. Required: 1. Prepare the journal entry to record the renovation. 2. How old was the machine at the end of the prior year? 3. Give the adjusting entry at the end of the current year to record straight-line depreciation for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Give the adjusting entry at the end of the current year to record straight-line depreciation for the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the straight-line depreciation for the machinery on December 31st (year 3). Note: Enter debits before credits. Date December 31 General Journal Debit Credit

Name: don't give answer in image format At the end of the prior year ending
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Description: don't give answer in image format At the end of the prior year ending on December 31, Year 1, O'Connor Company's records reflected the following for Machine A:Cost when acquiredAccumulated depreciation$ 32,40011,000At the beginning of January of the

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 4PB: During the current year, Arkells Inc. made the following expenditures relating to plant machinery. ...

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