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Indigo Service Ltd. uses straight-line depreciation. The company's fiscal year end is December 31. The...

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Accounting

Indigo Service Ltd. uses straight-line depreciation. The company's fiscal year end is December 31. The following transactions and
events occurred during their first three years of operations:
2023 July 1 Purchased equipment for $85,000 cash, with shipping costs of $6,000.
Nov. 3 Incurred ordinary repairs on a computer of $1,770.
Dec. 31 Recorded 2023 depreciation on the equipment based on a four-year life and estimated residual value of
$1,400.
2024 Dec. 31 Recorded 2024 depreciation.
2025 Jan. 1 Paid $5,300 for a major upgrade of the equipment. This expenditure is expected to increase the operating
efficiency and capacity of the equipment.
Prepare journal entries to record the above events. (If no entry is required, select "No entry" for the account titles and enter 0 for the
amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order
presented in the problem. List all debit entries before credit entries.)
Date Account Titles
Debit
Credit
2023
2024
2025
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