Champion Contractors completed the following transactions involving equipment. Year 1 ...
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Champion Contractors completed the following transactions involving equipment. Year January Paid $ cash plus $ in sales tax and $ in transportation FOB shipping point for a new loader. The loader is estimated to have a fouryear life and a $ salvage value. Loader costs are recorded in the Equipment account. January Paid $ to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $ December Recorded annual straightline depreciation on the loader. Year January Paid $ to overhaul the loaders engine, which increased the loaders estimated useful life by two years. February Paid $ for minor repairs to the loader after the operator backed it into a tree. December Recorded annual straightline depreciation on the loader. Required: Prepare journal entries to record these transactions and events.
Champion Contractors completed the following transactions involving equipment.
Year
January Paid $ cash plus $ in sales tax and $ in transportation FOB shipping point for a new loader. The loader is estimated to have a fouryear life and a $ salvage value. Loader costs are recorded in the Equipment account.
January Paid $ to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $
December Recorded annual straightline depreciation on the loader.
Year
January Paid $ to overhaul the loaders engine, which increased the loaders estimated useful life by two years.
February Paid $ for minor repairs to the loader after the operator backed it into a tree.
December Recorded annual straightline depreciation on the loader.
Required:
Prepare journal entries to record these transactions and events.
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