On april 1, 2019, the kb toy company purchased equipment to be used in its manufacturing process. the equipment cost $55,200, 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, $14,850 was spent to repair the equipment and to add a feature that increased its operating efficiency. of the total expenditure, $2,700 represented ordinary repairs and annual maintenance and $12,150 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.
Answers: 3
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