**Required Information** [The following information applies to the questions displayed below.] Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of 2019, an asset account for the company showed the following balances: - Equipment: $415,000 - Accumulated depreciation through 2018: $191,000 During 2019, the following expenditures were incurred for the equipment: - Major overhaul of the equipment on January 1, 2019, that improved efficiency: $52,000 - Routine maintenance and repairs on the equipment: $6,000 The equipment is being depreciated on a straight-line basis over an estimated life of 10 years with a $33,000 estimated residual value. The annual accounting period ends on December 31. **Required:** 1. Prepare the adjusting entry that was made at the end of 2018 for depreciation on the equipment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) **Journal Entry Worksheet** [Instruction for completing any required entries.]
**Required Information** [The following information applies to the questions displayed below.] Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of 2019, an asset account for the company showed the following balances: - Equipment: $415,000 - Accumulated depreciation through 2018: $191,000 During 2019, the following expenditures were incurred for the equipment: - Major overhaul of the equipment on January 1, 2019, that improved efficiency: $52,000 - Routine maintenance and repairs on the equipment: $6,000 The equipment is being depreciated on a straight-line basis over an estimated life of 10 years with a $33,000 estimated residual value. The annual accounting period ends on December 31. **Required:** 1. Prepare the adjusting entry that was made at the end of 2018 for depreciation on the equipment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) **Journal Entry Worksheet** [Instruction for completing any required entries.]
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![**Required Information**
[The following information applies to the questions displayed below.]
Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of 2019, an asset account for the company showed the following balances:
- Equipment: $415,000
- Accumulated depreciation through 2018: $191,000
During 2019, the following expenditures were incurred for the equipment:
- Major overhaul of the equipment on January 1, 2019, that improved efficiency: $52,000
- Routine maintenance and repairs on the equipment: $6,000
The equipment is being depreciated on a straight-line basis over an estimated life of 10 years with a $33,000 estimated residual value. The annual accounting period ends on December 31.
**Required:**
1. Prepare the adjusting entry that was made at the end of 2018 for depreciation on the equipment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
**Journal Entry Worksheet**
[Instruction for completing any required entries.]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F81f3c13b-c916-4610-ab84-ceb3c5d340e8%2F490c1154-9999-4a5a-ab07-44704d48b241%2Fa4nclyb.jpeg&w=3840&q=75)
Transcribed Image Text:**Required Information**
[The following information applies to the questions displayed below.]
Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of 2019, an asset account for the company showed the following balances:
- Equipment: $415,000
- Accumulated depreciation through 2018: $191,000
During 2019, the following expenditures were incurred for the equipment:
- Major overhaul of the equipment on January 1, 2019, that improved efficiency: $52,000
- Routine maintenance and repairs on the equipment: $6,000
The equipment is being depreciated on a straight-line basis over an estimated life of 10 years with a $33,000 estimated residual value. The annual accounting period ends on December 31.
**Required:**
1. Prepare the adjusting entry that was made at the end of 2018 for depreciation on the equipment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
**Journal Entry Worksheet**
[Instruction for completing any required entries.]
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