On april 1, 2014, the kb toy company purchased equipment to be used in its manufacturing process. the equipment cost $59,800, has an ten-year useful life, and has no residual value. the company uses the straight-line depreciation method for all manufacturing equipment. on january 4, 2016, $14,750 was spent to repair the equipment and to add a feature that increased its operating efficiency. of the total expenditure, $3,200 represented ordinary repairs and annual maintenance and $11,550 represented the cost of the new feature. in addition to increasing operating efficiency, the total useful life of the equipment was extended to 12 years.
1. prepare journal entries for the depreciation for 2014 and 2015.
2. prepare journal entries for the 2016 expenditure.
3. prepare journal entries for the depreciation for 2016.
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On april 1, 2014, the kb toy company purchased equipment to be used in its manufacturing process. th...
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