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Oki Company pays $292,150 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal er record the following costs related to the equipment. 1. Paid $17,600 cash for a new component that increased the equipment's productivity. 2. Paid $4,400 cash for minor repairs necessary to keep the equipment working well. 3. Paid $10,550 cash for significant repairs to increase the useful life of the equipment from four to seven years.

Oki Company pays $292,150 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal er record the following costs related to the equipment. 1. Paid $17,600 cash for a new component that increased the equipment's productivity. 2. Paid $4,400 cash for minor repairs necessary to keep the equipment working well. 3. Paid $10,550 cash for significant repairs to increase the useful life of the equipment from four to seven years.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Oki Company pays $292,150 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries to record the following costs related to the equipment. 1. Paid $17,600 cash for a new component that increased the equipment's productivity. 2. Paid $4,400 cash for minor repairs necessary to keep the equipment working well. 3. Paid $10,550 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet < A B Record the betterment cost of $17,600 paid in cash. с Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
Transcribed Image Text:Oki Company pays $292,150 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries to record the following costs related to the equipment. 1. Paid $17,600 cash for a new component that increased the equipment's productivity. 2. Paid $4,400 cash for minor repairs necessary to keep the equipment working well. 3. Paid $10,550 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet < A B Record the betterment cost of $17,600 paid in cash. с Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
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