Question: Question 14 (3 points) Use the following information for items 13, 14 and 15. ASU Company plant asset book value is $700,000 (cost $1,000,000 less

Question 14 (3 points) Use the following information for items 13, 14 and 15. ASU Company plant asset book value is $700,000 (cost $1,000,000 less accumulated depreciation of $300,000). What journal entry should be recorded for the following expenditures? The entire plant was repainted at a cost of $15,000. Debit: Plant Asset, 15,000; Gain on Renovation, 15,000 Debit: Accumulated Depreciation, 15,000; Credit: Cash, 15,000 Debit: Repairs Expense, 15,000; Credit: Cash, 15,000 Debit: Plant Asset. 15,000; Credit: Cash, 15,000

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