Question 18

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Question: Question 18 In January 2017, installation costs of $6,100 on new machinery were charged to Mainte…
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In January 2017, installation costs of $6,100 on new machinery
were charged to Maintenance and Repairs Expense. Other costs of
this machinery of $30,500 were correctly recorded and have been
depreciated using the straight-line method with an estimated life
of 10 years and no salvage value. At December 31, 2018, it is
decided that the machinery has a remaining useful life of 20 years,
starting with January 1, 2018. What entries should be made in 2018
to correctly record transactions related to machinery, assuming the
machinery has no salvage value? The books have not been closed for
2018 and depreciation expense has not yet been recorded for 2018.
(Credit account titles are automatically indented when
the amount is entered. Do not indent manually. If no entry is
required, select “No entry” for the account titles and enter 0 for
the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Dec. 31

Question: Question 18In January 2017, installation costs of $6,100 on new machinerywere charged to Mainte...

Question: Question 18In January 2017, installation costs of $6,100 on new machinerywere charged to Mainte...

Question: Question 18In January 2017, installation costs of $6,100 on new machinerywere charged to Mainte...

Question: Question 18In January 2017, installation costs of $6,100 on new machinerywere charged to Mainte...

Question: Question 18In January 2017, installation costs of $6,100 on new machinerywere charged to Mainte...

Question: Question 18In January 2017, installation costs of $6,100 on new machinerywere charged to Mainte...

Question: Question 18In January 2017, installation costs of $6,100 on new machinerywere charged to Mainte...

Question: Question 18In January 2017, installation costs of $6,100 on new machinerywere charged to Mainte...

Question: Question 18In January 2017, installation costs of $6,100 on new machinerywere charged to Mainte...

(To correct for the error of expensing installation costs on
machinery acquired in January, 2017)

Question: Question 18In January 2017, installation costs of $6,100 on new machinerywere charged to Mainte...

Question: Question 18In January 2017, installation costs of $6,100 on new machinerywere charged to Mainte...

Question: Question 18In January 2017, installation costs of $6,100 on new machinerywere charged to Mainte...

Question: Question 18In January 2017, installation costs of $6,100 on new machinerywere charged to Mainte...

Question: Question 18In January 2017, installation costs of $6,100 on new machinerywere charged to Mainte...

Question: Question 18In January 2017, installation costs of $6,100 on new machinerywere charged to Mainte...

(To record depreciation on machinery for 2018 based on a 20-year
useful life)

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