Reference no: EM132493564
Point 1: On April 1, 2019, the KB Toy Company purchased equipment to be used in its manufacturing process. The equipment cost $48,000, has an eight-year useful life, and has no residual value. The company uses the straight-line depreciation method for all manufacturing equipment.
Point 2: On January 4, 2021, $12,350 was spent to repair the equipment and to add a feature that increased its operating efficiency. Of the total expenditure, $2,000 represented ordinary repairs and annual maintenance and $10,350 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:
Question 1: Prepare journal entries for the depreciation for 2019 and 2020.
Question 2: Prepare journal entries for the 2021 expenditure.
Question 3: Prepare journal entries for the depreciation for 2021.
explanation:
Question 4: Calculation of annual depreciation after the estimate change:
- $48,000 Cost (10,500)Less: Depreciation to date ($4,500 + $6,000) $37,500 Undepreciated cost 10,350 Add: Asset addition $47,850 New depreciable base ÷8 1/4 Estimated remaining life (10 years - 1 3/4 years) $5,800 New annual depreciation
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