Avery Air, Plc, a UK company, conducts regularly scheduled maintenance and improvement of its fleet.

Avery Air, Plc, a UK company, conducts regularly scheduled maintenance and improvement of its fleet of airplanes. During the year, it replaced engines at a cost of £ 2,900,000, upgraded airplane interiors at a cost of £ 610,000, and spent £ 1,300,000 on normal repairs and upkeep, including instrument repair and replacement. The new engines will increase an airplane’s useful life by five years. The new interiors will be used for three years before being replaced. Avery depreciates each major airplane component separately. Prepare the journal entry (entries) required to record the above transactions. Assume all expenditures are paid in cash.

 

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