On January 1,2019,Friar Company Purchased a Machine for $180,000 That

question 65

Essay

On January 1,2019,Friar Company purchased a machine for $180,000 that was expected to last 6 years and have a residual value of $16,000.On January 4,2022,Friar Company paid $25,000 for improvements to the machine,which increased the total estimated useful life from 6 to 10 years and increased the residual value to $19,500.Friar uses straight-line depreciation.(1)What account should be debited in the journal entry to record the $25,000 improvements? (2)What amount of depreciation expense should be recorded for 2022?

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