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Business, 22.04.2020 03:59 Kaylak01

The plant building of Xon Corporation is old (estimated remaining useful life is 12 years) and needs continuous maintenance and repairs. The company’s accounts show that the building originally cost $300,000; and accumulated depreciation was $200,000 at the beginning of the current year. During the current year, expenditures relating to the plant building are made. Prepare the journal entry to record each of the following expenditures , assuming all items are paid in cash. Instructions Round your answers to the nearest whole number Record debit accounts in alphabetical order using the first letter of the account name. 1. Continuing, frequent, and low-cost repairs: $17,000 Account Name Dr. Cr. Answer Answer 17,000 Answer 0 Answer Answer 0 Answer 17,000 2. Added a new storage shed attached to the building; estimated useful life of 8 years: $36,000 Account Name Dr. Cr. Answer Answer 36,000 Answer 0 Answer Answer 0 Answer 36,000 3. Removed roof with original cost, $40,000; replaced it with guaranteed, modern roof: $50,000

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