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Prepare the entries and the computations of the depreciation

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Reference no: EM132726240

On April 1, 2021, the KB Toy Company purchased equipment to be used in its manufacturing process. The equipment cost 48, 000 usd, has a 8 year useful life, and has no residual value. The company uses the straight line depreciation method for all manufacturing equipment.

  • On January 4, 2023, 12, 350 usd was spent to repair the equipmentand to add a feature that increased its operationg efficiency. Of the total expenditure, 2,000 usd represented ordinary repairs and annual maintenance and 10, 350 usd represented the cost of the new feature. In addition to increasing operationg efficiency, the total useful life of the equipment was extended to 10 years.

Requirements

Problem 1: Prepare the entries and the computations of the following

  1. Depreciation for 2021 and 2022
  2. The 2023 expenditure
  3. Depreciation for 2023

Reference no: EM132726240

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