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Business Accounting Fundamental Accounting Principles

Exercise 10-14 Ordinary repairs, extraordinary repairs, and betterments C3 Old Company pays $264,000 for equipment expected to last four years and have a $29,000 salvage value. Prepare journal entries to record the following costs related to the equipment. During the second year of the equipment’s life, $22,000 cash is paid for a new component expected to increase the equipment’s productivity by 10% a year. During the third year, $6,250 cash is paid for normal repairs necessary to keep the equipment in good working order. During the fourth year, $14,870 is paid for repairs expected to increase the useful life of the equipment from four to five years.

Exercise 10-14 Ordinary repairs, extraordinary repairs, and betterments C3 Old Company pays $264,000 for equipment expected to last four years and have a $29,000 salvage value. Prepare journal entries to record the following costs related to the equipment. During the second year of the equipment’s life, $22,000 cash is paid for a new component expected to increase the equipment’s productivity by 10% a year. During the third year, $6,250 cash is paid for normal repairs necessary to keep the equipment in good working order. During the fourth year, $14,870 is paid for repairs expected to increase the useful life of the equipment from four to five years.

Fundamental Accounting Principles

Fundamental Accounting Principles

24th Edition

ISBN: 9781259916960

Author: Wild, John J., Shaw, Ken W.

Publisher: Mcgraw-hill Education,

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Chapter 10, Problem 14E

Exercise 10-14
Ordinary repairs, extraordinary repairs, and betterments
C3
Old Company pays $264,000 for equipment expected to last four years and have a $29,000 salvage value. Prepare journal entries to record the following costs related to the equipment.

During the second year of the equipment’s life, $22,000 cash is paid for a new component expected to increase the equipment’s productivity by 10% a year.
During the third year, $6,250 cash is paid for normal repairs necessary to keep the equipment in good working order.
During the fourth year, $14,870 is paid for repairs expected to increase the useful life of the equipment from four to five years.

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Chapter 10, Problem 13E

Chapter 10, Problem 15E

Chapter 10 Solutions

Fundamental Accounting Principles

Ch. 10 - Prob. 1DQ Ch. 10 - Prob. 2DQ Ch. 10 - Prob. 3DQ Ch. 10 - Prob. 4DQ Ch. 10 - Prob. 5DQ Ch. 10 - Prob. 6DQ Ch. 10 - Prob. 7DQ Ch. 10 - Prob. 8DQ Ch. 10 - Prob. 9DQ Ch. 10 - Prob. 10DQ

Ch. 10 - Prob. 11DQ Ch. 10 - Prob. 12DQ Ch. 10 - Prob. 13DQ Ch. 10 - Prob. 14DQ Ch. 10 - Prob. 15DQ Ch. 10 - Prob. 16DQ Ch. 10 - Prob. 17DQ Ch. 10 - Prob. 18DQ Ch. 10 - Prob. 19DQ Ch. 10 - Prob. 20DQ Ch. 10 - Cost of plant assets C1 Kegler Bowling installs...Ch. 10 - Assigning costs to plant assets C1 Q Listed below...Ch. 10 - Straight-line depreciation P1 On January 1= the...Ch. 10 - QS 10-' Units-of-production depreciation On...Ch. 10 - QS10-5 Double-declining-balance method P1 A...Ch. 10 - Prob. 6QS Ch. 10 - Prob. 7QS Ch. 10 - Prob. 8QS Ch. 10 - Revenue and capital expenditures C3 1. Classify...Ch. 10 - Prob. 10QS Ch. 10 - Natural resources and depletion P3 Perez Company...Ch. 10 - Prob. 12QS Ch. 10 - Prob. 13QS Ch. 10 - Prob. 14QS Ch. 10 - Prob. 15QS Ch. 10 - Prob. 16QS Ch. 10 - Exercise 10-1 Cost of plant assets C1 Q Rizio Co....Ch. 10 - Prob. 2E Ch. 10 - Prob. 3E Ch. 10 - Exercise 104 Straight-line depreciation P1 Ramirez...Ch. 10 - Exercise 10-5 Units-of-production depreciation P1...Ch. 10 - Exercise 10-6 Double-declining-balance...Ch. 10 - Exercise 10-7 Straight-line depreciation P1 New...Ch. 10 - Exercise 10-8 Double-declining-balance...Ch. 10 - Exercise 10-9 Straight-line depreciation and...Ch. 10 - Exercise 10-10 Double-declining-balance...Ch. 10 - Exercise 10-11 Straight-line, partial-year...Ch. 10 - Exercise 10-12 Dauble-declining-balance....Ch. 10 - Exercise 10-13 Revising depreciation C2 Apex...Ch. 10 - Exercise 10-14 Ordinary repairs, extraordinary...Ch. 10 - Exercise 10.15 Extraordinary repairs; plant asset...Ch. 10 - Exercise 10-16 Disposal of assets P2 Diaz Company...Ch. 10 - Exercise 10-17 Partial-year depreciation: disposal...Ch. 10 - Exercise 10-18 Depletion of natural resources P3...Ch. 10 - Exercise 10-19 Amortization of intangible assets...Ch. 10 - Exercise 10-20 Goodwill P4 Robinson Company...Ch. 10 - Exercise 10-21 Preparing a balance sheet P1 P3...Ch. 10 - Exercise 10-22 Evaluating efficient use of assets...Ch. 10 - Exercise 10-23A Exchanging assets P5 Gilly...Ch. 10 - Prob. 24E Ch. 10 - Problem 10-1A Plant asset costs; depreciation...Ch. 10 - Problem 1O-2A Depreciation methods P1 A machine...Ch. 10 - Problem 10-3A Asset cost allocation; straight-line...Ch. 10 - Problem 10-4A Computing and revising depreciation;...Ch. 10 - Problem 10-5A Computing and revising depreciation;...Ch. 10 - Problem 1O-6A Disposal of plant assets C1 P1...Ch. 10 - Problem 1O7A Natural resources P3 On July 23 of...Ch. 10 - Prob. 8APSA Ch. 10 - Problem 10-1B Plant asset costs; depreciation...Ch. 10 - Problem 10-28 Depreciation methods P1 On January...Ch. 10 - Problem 10-3B Asset cost allocation; straight-line...Ch. 10 - Prob. 4BPSB Ch. 10 - Problem 10-5B Computing and revising...Ch. 10 - Problem 1O-6B Disposal of plant assets C1 P1 P2 On...Ch. 10 - Prob. 7BPSB Ch. 10 - Prob. 8BPSB Ch. 10 - Prob. 10SP Ch. 10 - Prob. 1AA Ch. 10 - Prob. 2AA Ch. 10 - Prob. 3AA Ch. 10 - Prob. 1BTN Ch. 10 - Prob. 2BTN Ch. 10 - Prob. 3BTN Ch. 10 - Prob. 4BTN Ch. 10 - Prob. 5BTN Ch. 10 - Prob. 6BTN

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