Clarion Contractors completed the following transactions and events involving the purchase and operation of equipment...
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Clarion Contractors completed the following transactions and events involving the purchase and operation of equipment in its 2014 Jan 1 Paid $255,440 cash plus $15,200 in sales tax and $2,500 in transportation (FOB shipping point) for a new loader The loader is estimated to have a four-year life and a $34,740 residual value. Loader costs are recorded in the Equipment account. anPid $3,660 to enclose the cab and install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated residual value of the loader by another $1,110 Dec. 31 Recorded annual straight-line depreciation on the loader 2015 Jan Paid $4,500 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. Paid $920 to repair the loader after the operator backed it feb. 17 into a tree Dec. 31 Recorded annual straight-line depreciation on the loader Required Prepare journal entries to record these transactions and events. (Round your intermediate calculations and final answers to the nearest dollar amount. Omit the "$" sign in your response.) Date Jan 1, 2014 General Joumal Jan. 3, 2014 Dec. 31, 2014 (Click to select Jan. 1, 2015 to select) Feb. 17,2015 to select) Dec. 31, 2015 to select)
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