Check my work 2 Atlas Trucking incurred the following costs during 2018 1. Spent

Question

Check my work 2 Atlas Trucking incurred the following costs during 2018 1. Spent $16,000 on a major overhaul for a tractor-trailer rig. The overhaul is expected to increase the service life of the rig by three years. 2 points Repaired the air-conditioning system for $4,000. 3. Rearranged and reconfigured the maintenance, loading, and unloading facilities at a cost of $85,000. The rearrangement is 2, Reamianged and recontiguned the maintenance oading, and unoedng facies at a cost of $95,000 The reerengement s Skipped expected to result in substantial cost savings and increased efficiency over the next several years. Atlas Trucking uses the "Reduction of accumulated depreciation" method to record improvements. eBook Required: Prepare journal entries to record the above costs. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Print References View transaction list Journal entry worksheet Spent $16,000 on a major overhaul for a tractor-trailer rig. The overhaul is

Explanation / Answer

1 Accumulated depreciation 16000            Cash 16000 2 Repairs and maintenance expense 4000            Cash 4000 3 Buildings 85000            Cash 85000

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