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Transactions in a statements model like the preceding one

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Reference no: EM13926150

Travel Company owned a service truck that was purchased at the beginning of 2013 for $28,000. It had an estimated life of three years and an estimated salvage value of $4,000. Travel Company uses straight line depreciation. Its financial condition as of January 1, 2015, is shown in the following financial statements model:

1665_264-B-A-I-A (3524).png

In 2015, Travel Company spent the following amounts on the truck:

Jan. 4 Overhauled the engine for $5,500. The estimated life was extended one additional year, and the salvage value was revised to $2,500. 

July 6 Obtained oil change and transmission service, $180. 

Aug. 7 Replaced the fan belt and battery, $290. 

Dec. 31 Purchased gasoline for the year, $6,200.

31 Recognized 2015 depreciation expense. 

Required :

a. Record the 2015 transactions in a statements model like the preceding one. 

b. Prepare journal entries for the 2015 transactions.

Reference no: EM13926150

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