Question
Wettlauffer Company Ltd. shows the following entries in its Equipment account for 2014. All amounts are based on historical cost.
| |
|
|
|
Equipment |
|
|
|
|
1/1
|
|
Balance
|
|
115,885 |
|
|
6/30
|
|
Cost of equipment sold (purchased prior to 2014)
|
|
19,780 |
8/10
|
Purchases of equipment
|
27,520 |
|
|
8/12
|
Freight on equipment purchased
|
602 |
|
|
8/25
|
Installation costs
|
2,322 |
|
|
11/10
|
Repairs
|
430 |
|
|
Prepare any correcting entries that are necessary. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)