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Business, 22.05.2020 04:07 jfitness11

On January 4, 2021, $14,200 was spent to repair the equipment and to add a feature that increased its operating efficiency. Of the total expenditure, $3,800 represented ordinary repairs and annual maintenance and $10,400 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. Required: 1. Prepare journal entries for the depreciation for 2019 and 2020. 2. Prepare journal entries for the 2021 expenditure. 3. Prepare journal entries for the depreciation for 2021.

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