Indicate how each event affects the elements of financial statements.Use the following letters to record your answer in the box shown below each element.You do not need to enter amounts.Enter only one letter for each element.
-The Benitez Company purchased an asset for $50,000 on January 1,2016.The asset had a zero salvage value and an 8-year estimated useful life.On January 1,2018,the company spent $2,400 cash on routine repairs and maintenance.What effect will the 2018 expenditure have on the company's financial statements?
Definitions:
Franchisors
Companies or individuals that allow an entrepreneur to license their business model and brand for a franchisee to operate under.
Lawyer
A specialist authorized to provide legal counsel or act on behalf of others in court cases.
Franchising Systems
Business models where a brand allows individual proprietors to use its trademarks and methods in exchange for a fee and adherence to brand standards.
Differ
To be unlike or distinct in nature, form, or characteristics.
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