E9-18 (Algo) Part 1Required:1. Indicate the effects (accounts, amounts, and + for increase and for decrease) of the 2021 adjustment for depreciation of themanufacturing equipment, assuming no change in the estimated life or residual value. (Do not round intermediate calculations.Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.)DateDecember 31,2021AssetsAccumulated Depreciation-Equipment✓(14,350) X =Answer is complete but not entirely correct.LiabilitiesStockholders' EquityDepreciation Expense✓(14,350) × !Required informationE9-18 (Algo) (Supplement 9B) Determining Financial Statement Effects of a Change in Estimate [LO 9-S2][The following information applies to the questions displayed below.]Wiater Company operates a small manufacturing facility. On January 1, 2021, an asset account for the company showedthe following balances:EquipmentAccumulated Depreciation (beginning of the year)During the first week of January 2021, the following cash expenditures were incurred for repairs and maintenance:Routine maintenance and repairs on the equipmentMajor overhaul of the equipment that improved efficiency$ 310,000143,500E9-18 (Algo) Part 1$ 3,15037,000The equipment is being depreciated on a straight-line basis over an estimated life of 20 years with a $23,000 estimatedresidual value. The annual accounting period ends on December 31.

Name: E9-18 (Algo) Part 1Required:1. Indicate the effects (accounts, amount
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Description: E9-18 (Algo) Part 1Required:1. Indicate the effects (accounts, amounts, and + for increase and for decrease) of the 2021 adjustment for depreciation of themanufacturing equipment, assuming no change in the estimated life or residual value. (Do not r

The depreciation of fixed assets is cost by the wear and tear of that asset through its useful life,…

Business

Accounting

Required: 1. Indicate the effects (accounts, amounts, and + for increase and for decrease) of the 2021 adjustment for depreciation of the manufacturing equipment, assuming no change in the estimated life or residual value. (Do not round intermediate calculations. Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Date December 31, 2021 Assets Accumulated Depreciation-Equipment (14,350) = Answer is complete but not entirely correct. Liabilities + Stockholders' Equity Depreciation Expense (14,350) X

Required: 1. Indicate the effects (accounts, amounts, and + for increase and for decrease) of the 2021 adjustment for depreciation of the manufacturing equipment, assuming no change in the estimated life or residual value. (Do not round intermediate calculations. Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Date December 31, 2021 Assets Accumulated Depreciation-Equipment (14,350) = Answer is complete but not entirely correct. Liabilities + Stockholders' Equity Depreciation Expense (14,350) X

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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