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Every entry should have narration please

Every entry should have narration please

Every entry should have narration please

On April 1, 2022, the KB Toy Company purchased equipment to be used in its manufacturing process. The equipment cost $40,000, has an eight-year useful life, and has no residual value, The company uses the straight-line depreciation method for all manufacturing equipment. On January 4, 2024, $16.300 was spent to repair the equipment and to add a feature that increased its operating efficiency. Of the total expenditure, $3,000 represented ordinary repairs and annual maintenance and $13,300 represented the cost of the new feature. In addition to increasing operating efficiency, the total useful life of the equipment was extended to 10 years. Required: 1. Prepare journal entries for the depreciation for 2022 and 2023. 2. Prepare journal entry for the 2024 expenditure. [Any capitalized amounts are recorded using Alternative 2-capitalization of new cost]. 3. Prepare journal entry for the depreciation for 2024