Oki Company pays $254,900 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries record the following costs related to the equipment. 1. Paid $22,050 cash for a new component that increased the equipment's productivity. 2. Paid $5,513 cash for minor repairs necessary to keep the equipment working well. 3. Paid $15,000 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list A Record the betterment cost of $22,050 paid in cash. 8 Record the cost of minor repairs of $5,513 paid in cash to keep the equipment working well. c Record the cost of significant repairs of $15,000 paid in cash to increase the useful life of the equipment. Note: -journal entry has been entered Record entry Clear entry / Credit > View general journal

Oki Company pays $254,900 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries record the following costs related to the equipment. 1. Paid $22,050 cash for a new component that increased the equipment's productivity. 2. Paid $5,513 cash for minor repairs necessary to keep the equipment working well. 3. Paid $15,000 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list A Record the betterment cost of $22,050 paid in cash. 8 Record the cost of minor repairs of $5,513 paid in cash to keep the equipment working well. c Record the cost of significant repairs of $15,000 paid in cash to increase the useful life of the equipment. Note: -journal entry has been entered Record entry Clear entry / Credit > View general journal

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 13PA: Colquhoun International purchases a warehouse for $300,000. The best estimate of the salvage value...

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Part 1. A company pays $1,000 for equipment expected to last four years and have a $200 salvage value. Prepare journal entries to record the following costs related to the equipment. a. During the second year of the equipment’s life, $400 cash is paid for a new component expected to materially increase the equipment’s productivity. b. During the third year, $250 cash is paid for normal repairs necessary to keep the equipment in good working order. c. During the fourth year, $500 is paid for repairs expected to increase the useful life of the equipment from four to five years. Part 2. A company owns a machine that cost $500 and has accumulated depreciation of $400. Prepare the entry to record the disposal of the machine on January 2 in each separate situation. a. The company disposed of the machine, receiving nothing in return. b. The company sold the machine for $80 cash. c. The company sold the machine for $100 cash. d. The company sold the machine for $110 cash.
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Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] NewTech purchases computer equipment for $257,000 to use in operating activities for the next four years. It estimates the equipment's salvage value at $24,00O. Exercise 8-8 Double-declining-balance depreciation LO P1 Prepare a table showing depreciation and book value for each of the four years assuming double-declining-balance depreciation. (Enter all amounts positive values.) Depreciation for the Period End of Period
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