Yes, you are correct to report the cost of major equipment repairs/upgrades as a separate business asset for depreciation. Choose the same category for this asset as you used for the related equipment. This entry will set up the same useful life, which will be more than is left for the asset. This is logical, since the repair/upgrade extended the useful life of the related equipment.
@MMason17
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
