Business, 24.06.2020 17:01 Fangflora3

On April 1, 2019, the KB Toy Company purchased equipment to be used in its manufacturing process. The equipment cost $40,000, has an eight-year useful life, and has no residual value. The company uses the straight-line depreciation method for all manufacturing equipment. On January 4, 2021, $16,300 was spent to repair the equipment and to add a feature that increased its operating efficiency. Of the total expenditure. $3,000 represented ordineary repairs and annual maintenance and $13,300 represented the cost of the new feature. In addition to increasing operating efficiency, the total useful life of the equipment was extended to 10 years. Required: 1. Prepare journal entries for the depreciation for 2019 and 2020. 2. Prepare journal entries for the 2021 expenditure. 3. Prepare journal entries for the depreciation for 2021.

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On April 1, 2019, the KB Toy Company purchased equipment to be used in its manufacturing process. Th...

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