Business, 13.07.2021 15:50, jholland03

The following selected events occurred for Orwell Company during the first quarter of 2016: Jan. 11 A motor breaks on a machine and is replaced for $2,400. This replacement was expected when the machine was purchased.
Feb. 15 A machine breaks down unexpectedly and requires repairs of $700.
Mar. 10 An accident damages some equipment. Repairs cost $2,000.
Mar. 19 A motor breaks on a machine and is replaced for $900. The new motor is an improved designthat increases the capacity of the machine.
Mar. 27 Office layout is rearranged at a cost of $700. At the same time, the walls are repainted for $500.

Required:
a. Prepare journal entries for the transactions.
b. Would any of your answers change if the company used IFRS? If so, how?

Answers: 3

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The following selected events occurred for Orwell Company during the first quarter of 2016: Jan. 11...