Reference no: EM132562466
Question - Champion Contractors completed the following transactions involving equipment.
Year 1 -
Jan. 1 Paid $262,000 cash plus $10,480 in sales tax and $1,700 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four-year life and a $26,200 salvage value. Loader costs are recorded in the Equipment account.
Jan. 3 Paid $6,000 to 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.
Year 2 -
Jan. 1 Paid $4,800 to overhaul the loader's engine, which increased the loader's estimated useful life by two years.
Feb. 17 Paid $1,200 for minor repairs to 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.
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