2. On Jan. 26, 2023, Evan's Greenhouses paid $147,000 to replace the cooling/heating system in 11...
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2. On Jan. 26, 2023, Evan's Greenhouses paid $147,000 to replace the cooling/heating system in 11 of their 32 greenhouses. The original cooling/heating systems were capitalized as part of the greenhouses when they were purchased 4 years ago, and they were not recorded as a separate component. When purchased, the greenhouses were depreciated using straight-line depreciation with an assumption of a 25 year life with no residual value. Management of Evan's Greenhouses estimated that the cost of the cooling/heating system has increased by 28% from when the greenhouses were originally purchased. Prepare the journal entry for the replacement of the cooling/heating system. (8 marks) Round your calculations to the nearest whole dollar. 2. On Jan. 26, 2023, Evan's Greenhouses paid $147,000 to replace the cooling/heating system in 11 of their 32 greenhouses. The original cooling/heating systems were capitalized as part of the greenhouses when they were purchased 4 years ago, and they were not recorded as a separate component. When purchased, the greenhouses were depreciated using straight-line depreciation with an assumption of a 25 year life with no residual value. Management of Evan's Greenhouses estimated that the cost of the cooling/heating system has increased by 28% from when the greenhouses were originally purchased. Prepare the journal entry for the replacement of the cooling/heating system. (8 marks) Round your calculations to the nearest whole dollar.
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Journal Entry for CoolingHeating System Replacement Date January 26 2023 Description Replacement of ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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