The tollowing information aopiies to the questions aispiayea besow. Manrow Groww

Question

The tollowing information aopiies to the questions aispiayea besow. Manrow Growwers, Inc owns equipment tor sowing and harvesting is organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. A t the beginning of 2016, an asset count tor the compary showed the tellowing balances: Manufactunng equipment S 435,000 159,30D During 2015, theellowing expencures were incurred for the equipment $ 8,000 Routne meimenence and repairs on the equipment Major overhaul at the equiament that Impraved ctticienc etnupment t on Jonuary 2, 2015 Thet equipment is being depreciled on a sit igh re basis aver ?n estirrilet if of years wi h ? S37 00 esimaled residua value Thet ?rinusl accounting per iDd ent s un ecernber 31, 12. Required informetion

Explanation / Answer

JOURNAL ENTRIES: S.NO. GENERAL JOURNAL DEBIT $ CREDIT $ 1 Repairs expense Account Dr. 8000       Cash Account 8000 2 Equipment Account Dr. 56000        Cash Account 56000

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