apter $9$ Assignments

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$1$ Wiater Company operates a small manufacturing facility. On January $1,2024,$ an asset account for the company showed the following balances:

Equipment

$$160,000$

Accumulated Depreciation $($beginning of year$)$

$100,000$

During the first week of January $2024,$ the following cash expenditures were incurred for repairs and maintenance:

Routine maintenance and repairs on the equipment

$$1,850$

$24,000$

Major overhaul of the equipment that improved efficiency

The equipment is being depreciated on a straight$-$line basis over an estimated life of $15$ years with a $$10,000$ estimated residual value.

The annual accounting period ends on December $31.$

Required:

Indicate the effects $($accounts$,$ amounts, and $+$ for increase and $-$ for decrease$)$ of the following two items on the accounting equation, using the headings shown below.

The adjustment for depreciation made last year at the end of $2023.$

The two expenditures for repairs and maintenance during January $2024.$

If a transaction affects a temporary account, include the account name under "Temporary Accounts" and the financial effect under $"$NI$."$

Do not enter an amount under "Stockholders' Equity" for these transactions; their impact on stockholders' equity will occur later when the temporary accounts are closed at year$-$end. Do not enter No Effect $($NE$)$ or zero for any cells without an effect for each transaction despite what may be shown in textbook demonstration cases as these cells should be left blank.

Note: Enter any decreases to Assets, Liabilities, Stockholders' Equity, or Net Income with a minus sign. Do not round intermediate calculations.