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Indicate the effects of the adjustment for depreciation

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Reference no: EM13868208

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Wiater Company operates a small manufacturing facility. On January 1, 2015, 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 2015, the following expenditures were incurred for repairs and maintenance:

Routine maintenance and repairs on the equipment... $ 1,850

Major overhaul of the equipment that improved efficiency... 24,000

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:

1. Indicate the effects (accounts, amounts, and or) of the 2015 adjustment for depreciation of the manufacturing equipment, assuming no change in the estimated life or residual value. Show computations.

2. Give the adjusting entry that should be made at the end of 2015 for depreciation.

Reference no: EM13868208

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