Oki Company pays $283,000 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries to record the following costs related to the equipment. 1. Paid $14,150 cash for a new component that increased the equipment's productivity. 2. Paid $3,538 cash for minor repairs necessary to keep the equipment working well. 3. Paid $7100 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet Record the betterment cost of $14,150 paid in cash. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit > View general Journal Journal entry worksheet Journal entry worksheet
Oki Company pays $283,000 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries to record the following costs related to the equipment. 1. Paid $14,150 cash for a new component that increased the equipment's productivity. 2. Paid $3,538 cash for minor repairs necessary to keep the equipment working well. 3. Paid $7100 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet Record the betterment cost of $14,150 paid in cash. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit > View general Journal Journal entry worksheet Journal entry worksheet
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter9: Depreciation (deprec)
Section: Chapter Questions
Problem 1R: Dunedin Drilling Company recently acquired a new machine at a cost of 350,000. The machine has an...
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