Business, 23.12.2019 17:31, maddieberridgeowud2s
Champion contractors completed the following transactions and events involving the purchase and operation of equipment in its business.
2012
jan. 1
paid $282,000 cash plus $11,280 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 $28,200 salvage value. loader costs are recorded in the equipment account.
jan. 3
paid $5,000 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 $1,500.
dec. 31 recorded annual straight-line depreciation on the loader.
2013
jan. 1
paid $4,400 to overhaul the loader�s engine, which increased the loader�s estimated useful life by two years.
feb. 17 paid $1,100 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.
Answers: 2
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