RoboCop Company paid $31,400 for a machine that was expected to last 5 years and have a residual value of $5,000.During the third year of the machine's life,$3,700 was paid for replacement parts that were expected to increase the machine's productivity by 20% each year.Prepare the general journal entry to record this transaction.

Question

Quizplus · Accepted Answer

The Answer of RoboCop Company paid $31,400 for a machine that was expected to last 5 years and have a residual value of $5,000.During the third year of the machine's life,$3,700 was paid for replacement parts that were expected to increase the machine's productivity by 20% each year.Prepare the general journal entry to record this transaction.

RoboCop Company Paid $31,400 for a Machine That Was Expected