Business, 15.04.2020 03:18 bradleycawley02
Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of 2020, an asset account for the company showed the following balances:
Manufacturing equipment $154,600
Accumulated depreciation through 2019 54,000
During 2020, the following expenditures were incurred for the equipment:
Routine maintenance and repairs on the equipment $1,400
Major overhaul of the equipment that improved efficiency on January 2, 2014 19,200
The equipment is being depreciated on a straight-line basis over an estimated life of 15 years with a $12,000 estimated residual value. The annual accounting period ends on December 31.
Required:
Prepare the adjusting entry that should be made by Hulme Company at the end of 2014 for depreciation of the manufacturing equipment, assuming no change in the original estimated life or residual value.
Answers: 2
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