Journalize each of the following transactions: (use correct joural format - no dates) (a) A wing costing $2,345,000 was added to the building A new mortgage was issued for the cost. (b) Equipment was upgraded to increase its capacity to produce widgets. The upgrade cost of $21,500 was paid in cash. (c) A major overhaul costing $12,000 on a machine increased the useful life by 4 years. The company issued a note for payment..

Journalize each of the following transactions: (use correct joural format - no dates) (a) A wing costing $2,345,000 was added to the building A new mortgage was issued for the cost. (b) Equipment was upgraded to increase its capacity to produce widgets. The upgrade cost of $21,500 was paid in cash. (c) A major overhaul costing $12,000 on a machine increased the useful life by 4 years. The company issued a note for payment..

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 4PA: During the current year, Arkells Inc. made the following expenditures relating to plant machinery. ...

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During the current year, Arkells Inc. made the following expenditures relating to plant machinery. Renovated seven machines for $250,000 to improve efficiency in production of their remaining useful life of eight years Low-cost repairs throughout the year totaled $79,000 Replaced a broken gear on a machine for $6,000 A. What amount should be expensed during the period? B. What amount should be capitalized during the period?
Journalize each of the following transactions: (use correct journal format - no dates) (a) A wing costing $2,345,000 was added to the building. A new mortgage was issued for the (b) cost. Equipment was upgraded to increase its capacity to produce widgets. The upgrade cost of $21,500 was paid in cash. A major overhaul costing $12,000 on a machine increased the useful life by 4 years. The company issued a note for payment...
Journalize each of the following transactions: (a) A wing costing $2,345,000 was added to the building. A new mortgage was issued for the cost. (b) Equipment was upgraded to increase its capacity to produce widgets. The upgrade cost of $11,500 was paid in cash. (c) A major overhaul costing $8,000 on a machine increased the useful life by 4 years. The payment was made in cash.
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