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Question - Merton Company purchased an office building at a cost of $364,000 on January 1, 2003. Merton estimated that the building's life would be 20 years and the scrap value at the end of 20 years would be $14,000.
On January 1, 2004, the company made several expenditures; walls painted, floors refinished for $21,000, and installed additional pollution-control devices in the building for $42,000. With the new device, the life of the building extended by an additional six years. In 2006, the company sold the factory building for $400,000 in cash.
Required - Make necessary journal entries for each case (assume the company uses double declining balance method)
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