Please use same format as question (I.E;Boxes) Marin Manufacturing operates a small factory building....
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Please use same format as question (I.E;Boxes)
Marin Manufacturing operates a small factory building. Recently, the company paid some amounts related to its property, plant, and equipment (a) Marin paid $48,000 to replace part of the factory floor. The floor had been capitalized as part of the factory building when it was purchased ten years previously and was not considered a separate component. When purchased the building had been assumed to have a 30-year useful life and was being depreciated on a straight-line basis. At the time of the floor replacement, the building had been depreciated for 10 years. Marin estimated that the original cost of the floor would have been 20% cheaper than the new replacement, due to inflation. Prepare the journal entries to record these transactions, assuming Marin follows IFRS. (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 Ofor the amounts.) Account Titles and Explanation Debit Credit factory 48000 Cash 48000 (To record new factory floor.) loss on Dispool Equipment Acumbia Depreciation Equipment To record the entry for the old floor
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Please use same format as question (I.E;Boxes)