Please correct Solution with Explanation and do not give image format The following transactions occurred during 2025.Assumethat depreciation of 10% per year is charged on allmachinery and 5% per year on buildings, on a straight-line basis, with no estimated salvage value. Depreciationis charged for a full year on all fixed assets acquiredduring the year, and no depreciation is charged on fixedassets disposed of during the year.Jan. 30 A building that cost $145,200 in 2008 is torndown to make room for a new building. The wreckingcontractor was paid $5,610 and was permitted to keep allmaterials salvaged.Mar. 10 Machinery that was purchased in 2018 for$17,600 is sold for $3,190 cash,f.o.b. purchaser's plant.Freight of $330 is paid on the sale of this machinery.Mar. 20 A gear breaks on a machine that cost $9,900 in2017. The gear is replaced at a cost of $2,200. Thereplacement does not extend the useful life ofthemachine but does make the machine more efficient.May 18 A special base installed for a machine in 2019when the machine was purchased has to be replaced ata cost of $6,050 because of defective workmanship onthe original base. The cost of the machinery was $15,620in 2019. The cost of the base was $3,850, and thisamount was charged to the Machinery account in 2019.June 23 One of the buildings is repainted at a cost of$7,590. It had not been painted since it was constructedin 2021.Prepare general journal entries for the transactions.(Record journal entriesin the order presented in theproblem. Credit accounttitles are automatically indentedwhen amountis entered. Do notindent manually. If noentry isrequired,select"No Entry" for the accounttitles andenter O for the amounts. List all debit entries beforecredit entries.)

A journal is made to record all business transactions. All the financial transactions are recorded…

The following transactions occurred during 2025.Assume that depreciation of 10% per year is charged on all machinery and 5% per year on buildings, on a straight- line basis, with no estimated salvage value. Depreciation is charged for a full year on all fixed assets acquired during the year, and no depreciation is charged on fixed assets disposed of during the year.

The following transactions occurred during 2025.Assume that depreciation of 10% per year is charged on all machinery and 5% per year on buildings, on a straight- line basis, with no estimated salvage value. Depreciation is charged for a full year on all fixed assets acquired during the year, and no depreciation is charged on fixed assets disposed of during the year.

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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