Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At...

  

  

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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 Accumulated depreciation through 2019 $164,100 79,000 During 2020, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 2, 2020, that improved efficiency Routine maintenance and repairs on the equipment $19,000 1,100 The equipment is being depreciated on a straight-line basis over an estimated life of 19 years with a $14,000 estimated residual value. The annual accounting period ends on December 31. Required: 3. Prepare the journal entries to record the two expenditures during 2020. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the expenditure for the major overhaul of the equipment. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Required: 3. Prepare the journal entries to record the two expenditures during 2020. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the expenditure for routine maintenance and repairs on the equipment. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit 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 Accumulated depreciation through 2019 $164,100 79,000 During 2020, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 2, 2020, that improved efficiency Routine maintenance and repairs on the equipment $19,000 1,100 The equipment is being depreciated on a straight-line basis over an estimated life of 19 years with a $14,000 estimated residual value. The annual accounting period ends on December 31. Required: 3. Prepare the journal entries to record the two expenditures during 2020. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the expenditure for the major overhaul of the equipment. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Required: 3. Prepare the journal entries to record the two expenditures during 2020. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the expenditure for routine maintenance and repairs on the equipment. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit

Answer rating: 100% (QA)

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