gp.2please provide woeking Required Information[The following information applies to the questions displayed below.]Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginningof the current year, an asset account for the company showed the following balances:Manufacturing equipmentAccumulated depreciation through the end of last yearDuring the current year, the following expenditures were incurred for the equipment:Major overhaul of the equipment on January 2 the current year that improved efficiency $ 15,000Routine repairs on the equipment1,200The equipment is being depreciated on a straight-line basis over an estimated life of 17 years with a $18,000 estimatedresidual value. The annual accounting period ends on December 31.Required:1. Prepare the adjusting entry that was made at the end of last year for depreciation on the manufacturing equipment.Note: Do not round your Intermediate calculations. If no entry is required for a transaction/event, select "No journal entryrequired" In the first account field.View transaction listJournal entry worksheet1Record the adjusting entry for depreciation on the manufacturing equipment atthe end of last year.Note: Enter debits before credits.Transactiona$ 140,40050,400General JournalDepreciation expenseAccumulated depreciation, equipmentDebitCredit

Under straight-line method of depreciation a fixed amount of depreciation is charged each year.

Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of the current year, an asset account for the company showed the following balances: Manufacturing equipment Accumulated depreciation through the end of last year During the current year, the following expenditures were incurred for the equipment: $ 140,400 50,400

Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of the current year, an asset account for the company showed the following balances: Manufacturing equipment Accumulated depreciation through the end of last year During the current year, the following expenditures were incurred for the equipment: $ 140,400 50,400

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter10: Long-lived Tangible And Intangible Assets

Section: Chapter Questions

Problem 22E

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Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of the current year, an asset account for the company showed the following balances: Manufacturing equipment Accumulated depreciation through the end of last year During the current year, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 2 the current year that improved efficiency $ 6,000 Routine repairs on the equipment 1,000 The equipment is being depreciated on a straight-line basis over an estimated life of 17 years with a $11,000 estimated residual value. The annual accounting period ends on December 31. $ 135, 100 57,000 Required: Indicate the effects of the following on the accounting equation. Note: Enter decreases to account categories as negative amounts and do not round your intermediate calculations. 1. The adjustment for depreciation at the end of last year. 2. The two expenditures during the current…
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