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Champion Contractors completed the following transactions and events involving the purchase and operation of equipment business. in its 2016 an. 1 Paid s27e,e0e cash plus $18,80e in sales tax and $1,6ee in transportation (FO8 shipping point) for a new loader. The loader an. 3 Paid $6,889 to enclose the cab and install air conditioning in the loader to enable operations under harsher canditions Dec. 31 Recorded annual straight-1ine depreciation on the loader. 2017 2an. 1 Paid ss,eee to overhaul the loaden's engine, which increased the loader's.estinated wseful life by two years. Dec. 31 Recorded annual straight-line depreciation on the loader, Required: Prepare journal entries to record these transactions and events is estimated to have a four-year life and a $27,088 salvage value. This increased the estimated salvage value of the loader by another $1,888. Loader costs are recorded in the Equipment account. View transactien list ournal entry worksheet Paid $270,000 cash plus $10,800 in sales tax and $1,600 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four- year life and a $27,000 salvage value. Loader costs are recorded in the Equipment account. Note: Enter debits before credits Date General Journal Debit Credit Jan 01, 2016 Champion Contractors completed the following transactions and events involving the purchase and operation of equipment in its business. 2016 Dan. 1 Paid $27e,8ee cash plus $10,88e in sales tax and $1,689 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four-year life and a $27,000 salvage value. Loader costs are recorded in the Equipment account. Dan. 3 Paid $6,ee to enclose the cab and install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,800 Dec. 31 Recorded annual straight-line depreciation on the loader. 2017 Jan. 1 Paid s5,eee to overhaul the loader's engine, which increased the loader's.estnated useful life by tvo years Feb. 17 Paid $1,25e to repair the loader after the operator backed it into a tree. Dec. 31 Recorded annual straight-line depreciation on the loader. Required: Prepare journal entries to record these transactions and events View transaction list Journal entry worksheet Paid $6,000 to enclose the cab and install air-conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,800. Note: Enter debits betore credits Date General Journal Jan 03, 2016 Champion Contractors completed the following transactions and events involving the purchase and operation of equipment in its business 2016 an. 1 Paid sz7e,eee cash plus $18,88e in sales tax and $1,6ee in transportation (FOB shipping point) for a new loaden. The loader Jan. 3 Paid $6,e09 to enclose the cab and install air conditionin Dec. 31 Recorded annual straight-line depreciation on the loader. 2017 is estimated to have a four-year life and a $27,e00 salvage value. Loader costs are recorded in the Equipment account. This increased the estimated salvage value of the loader by another $1,800. s in the loader to enable operations under harsher/conditions. 0an. 1 Paid s5,eee to overhaul the loaders engine, which increased the loader" s.estinated useful life by two years. Feb. 17 Paid S1,25e to repair the loader after the operator backed t into a tree, Dec. 31 Recorded annual straight-line depreciation on the loader Required: Prepare journal entries to record these transactions and events View transaction list Journal entry worksheet Recorded annual straight-line depreciation on the loader Note: Enter debits before credits ate General Journal Debit Credit Dec 31, 2016 Champion Contractors completed the following transactions and events involving the purchase and operation of equipment in its businesS 2016 Dan. 1 Paid s27e, eee cash plus $18,88e in sales tax and $1,68e in transportation (FOs shipping point) for a new loader. The loader is estinated to have a four-year life and a $27.eee salvage value. Loader costs are recorded in the Equipment account. This increased the estimated salvage value of the loader by another $1,880. 3an. 3 Paid $6,eee to enclose the cab and install air conditioning in the loader to enable operations under harsher conditions Dec. 31 Recorded annual straight-line depreciation on the loader. 2017 an. 1 Paid s5,00e to overhaul the loader's engine, which increased the loader's.estinated useful 1ife by tio years. Feb. 17 Paid $1,258 to repair the loader after Dec. 31 Recorded annual straight-line depreciation on the loader. the operator backed it into a tree. Required Prepare journal entries to record these transactions and events View tramactien ist Journal entry worksheet Paid $5,000 to overhaul the loader's engine, which increased the loader's estimated useful life by two years Note: Enter debits before credts General Journal Debit Credit Jan 01, 2017 Champion Contractors completed the following transactions and events business involving the purchase and operation of equipment in its 2016 an. 1 Paid $2z7e,eee cash plus s1e,8ee in sales tax and s1,6ee in transportation (Fo8 shipping point) for a new in sales tax and $1,6ee in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four-year life and a $27,e8e salvage value. Loader costs are recorded in the Equipment account. 3an. 3 Paid $ 6,eee to enclose the cab and install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,800. Dec. 31 Recorded annual straight-1ine depreciation on the loader 2017 an. 1 Paid s5,eee to overhaul the loader's engine, which increased the loader s, estimated useful 1 Feb. 17 Paid $1,25e to repair the loader after the operator backed iti Dec. 31 Recorded annual straight-line depreciation on the loader. ife by two years Required Prepare journal entries to record these transactions and events. iew transaction list Journal entry worksheet Paid $1,250 to repair the loader after the operator backed it into a tree. Note: Enter debits before credits Date General Journal Debit Feb 17, 2017 Champion Contractors completed the following transactions and events involving the purchase and operation of equipment in its business 2016 Dan. 1 Paid s27e,eee cash plus s1e, 8ee in sales tax and $1,68e in transportation (F0B shipping point) for a new 1oader. The loader Jan. 3 Paid $6,e00 to enclose the cab and install air conditioning in the loader to enable operations under harsher conditions. Dec. 31 Recorded annual straight-line depreciation on the loader. is estimated to have a four-year life and a $27,ee8 salvage value. Loader costs are recorded in the Equipment account. This increased the estimated salvage value of the loader by another $1,800 2017 Dan. 1 Paid $5,eee to overhaul the loader's engine, which increased the loader's.estinated useful life by two years. Feb. 17 Paid $1,25e to repair the loader after the operator backed it into a tree. Dec. 31 Recorded annual straight-line depreciation on the loader. Required: Prepare journal entries to record these transactions and events. View transaction list Journal entry worksheet Recorded annual straight-line depreciation on the loader. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2017

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