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On April 15, 2015 the Ford Company purchased a custom-made piece of equipment at a cost of $90,000. Terms of sales were 2/30 n/60. Freight charges of $5,800 and installation cost of $6,000 were paid on April 15, 2015. The machine was paid for on May 1, 2015. It is the company's policy to use straight line method of deprecation and to record depreciation on long-lived assets as if they were acquired on the first day of the month of purchase. The equipment is expected to have a useful life of 10 years and salvage value of 5,000. On January, 2, 2019 the company paid $20,000 for a major overhaul of the equipment. As a result, of the overhaul, the machine has an expected useful life of 8 years from the date of overhaul with an expected salvage value of $5000.
Required:
Question 1: Make journal entries to record the transactions just described, including deprecation for the years ended December 31, 2015 through 2019.
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