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Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of the current year, an asset account for the company showed the following balances: Manufacturing equipment Accumulated depreciation through the end of last year During the current year, the following expenditures were incurred for the equipment: $ 140,400 50,400

Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of the current year, an asset account for the company showed the following balances: Manufacturing equipment Accumulated depreciation through the end of last year During the current year, the following expenditures were incurred for the equipment: $ 140,400 50,400

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required Information [The following information applies to the questions displayed below.] Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of the current year, an asset account for the company showed the following balances: Manufacturing equipment Accumulated depreciation through the end of last year During the current year, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 2 the current year that improved efficiency $ 15,000 Routine repairs on the equipment 1,200 The equipment is being depreciated on a straight-line basis over an estimated life of 17 years with a $18,000 estimated residual value. The annual accounting period ends on December 31. Required: 1. Prepare the adjusting entry that was made at the end of last year for depreciation on the manufacturing equipment. Note: Do not round your Intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" In the first account field. View transaction list Journal entry worksheet 1 Record the adjusting entry for depreciation on the manufacturing equipment at the end of last year. Note: Enter debits before credits. Transaction a $ 140,400 50,400 General Journal Depreciation expense Accumulated depreciation, equipment Debit Credit
Transcribed Image Text:Required Information [The following information applies to the questions displayed below.] Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of the current year, an asset account for the company showed the following balances: Manufacturing equipment Accumulated depreciation through the end of last year During the current year, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 2 the current year that improved efficiency $ 15,000 Routine repairs on the equipment 1,200 The equipment is being depreciated on a straight-line basis over an estimated life of 17 years with a $18,000 estimated residual value. The annual accounting period ends on December 31. Required: 1. Prepare the adjusting entry that was made at the end of last year for depreciation on the manufacturing equipment. Note: Do not round your Intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" In the first account field. View transaction list Journal entry worksheet 1 Record the adjusting entry for depreciation on the manufacturing equipment at the end of last year. Note: Enter debits before credits. Transaction a $ 140,400 50,400 General Journal Depreciation expense Accumulated depreciation, equipment Debit Credit
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