The following transactions occurred during 2014 assume that, Ask an Expert

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The following transactions occurred during 2014. Assume that depreciation of 10% per year is charged on all machinery and 5% per year on buildings, on a straight-line basis, with no estimated salvage value. Depreciation is charged for a full year on all fixed assets acquired during the year, and no depreciation is charged on fixed assets disposed of during the year.
May 18

A special base installed for a machine in 2008 when the machine was purchased has to be replaced at a cost of $18,205 because of defective workmanship on the original base. The cost of the machinery was $47,002 in 2008. The cost of the base was $11,585, and this amount was charged to the Machinery account in 2008.

What would the journal entries be on May 18? I know it should be debit on Machinery for 18205, but what else?

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Accounting Basics, Accounting

Category:- Accounting Basics
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