es Champion Contractors completed the following transactions involving equipment Year 1 January 1 Paid 326...
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es Champion Contractors completed the following transactions involving equipment Year 1 January 1 Paid 326 000 cash plus 13 040 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 32 600 salvage value Loader costs are recorded in the Equipment account January 3 December 31 Paid 4 000 to install air conditioning in the loader to enable operations under harsher conditions This increased the estimated salvage value of the loader by another 1 200 Recorded annual straight line depreciation on the loader Year 2 January 1 Paid 4 600 to overhaul the loader s engine which increased the loader s estimated useful life by two years February 17 Paid 1 150 for minor repairs to the loader after the operator backed it into a tree December 31 Recorded annual straight line depreciation on the loader Required Prepare journal entries to record these transactions and events View transaction list Journal entry worksheet 5 6 Check my
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