Accounting question need help?Passat Company owns a building that appears on its prior year-end balance sheet at its original $795,000 cost less $675,750 accumulated depreciation. The building is depreciated on a straight-line basis assuming a 20-year life and no salvage value. During the first week in January of the current calendar year, major structural repairs are completed on the building at a $95,230 cost. The repairs extend its useful life for 7 years beyond the 20 years originally estimated. Determine the building’s age (plant asset age) as of the prior year-end balance sheet date. Age of building = 17 years (answered) Prepare the entry to record the cost of the structural repairs that are paid in cash.(Omit the "$" sign in your response.) Debit Credit Building = 95230 (Answered) Cash = 95230 (Answered) Determine the book value of the building immediately after the repairs are recorded. (Omit the "$" sign in your response.) Book value = 214480 (Answered) Prepare the entry to record the current calendar year’s depreciation. (Round your answers to 1 decimal place. Omit the "$" sign in your response.) Credit Debit Depreciation Expense = ???? Not Answered Accumulated depreciation building = ???? Not Answered
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