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Prepare the journal entries to record the two expenditures

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Question - Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of 2017, an asset account for the company showed the following balances:

Manufacturing equipment - $120,000

Accumulated depreciation through 2016 - 57,600

During 2017, the following expenditures were incurred for the equipment:

Routine maintenance and repairs on the equipment - $1,000

Major overhaul of the equipment that improved efficiency on January 2, 2017 - 13,000

The equipment is being depreciated on a straight-line basis over an estimated life of 15 years with a $12,000 estimated residual value. The annual accounting period ends on December 31.

Required - Prepare the journal entries to record the two expenditures during 2017?

Reference no: EM131913546

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