Final answer:
The journal entry to record costs related to extraordinary repairs includes a debit to the respective asset account and a credit to Accumulated Depreciation.
Step-by-step explanation:
The correct journal entry to record costs related to extraordinary repairs would include a debit to the respective asset account and a credit to Accumulated Depreciation.
When recording extraordinary repairs, we increase (debit) the respective asset account to represent the cost of the repair, and we decrease (credit) the Accumulated Depreciation account to reduce the accumulated depreciation.
For example, if a company incurred an extraordinary repair on its equipment, the journal entry would be a debit to Equipment and a credit to Accumulated Depreciation.