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Homework answers / question archive / Champion Contractors completed the following transactions and events involving the purchase and operation of equipment in its business

Champion Contractors completed the following transactions and events involving the purchase and operation of equipment in its business

Accounting

Champion Contractors completed the following transactions and events involving the purchase and operation of equipment in its business. 2014 Jan. 1 Paid $274,000 cash plus $10,960 in sales tax and $1,900 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four-year life and a $27,400 salvage value. Loader costs are recorded in the Equipment account. Jan. 3 Paid $4,000 to enclose the cab and 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. Dec. 31 Recorded annual straight-line depreciation on the loader. 2015 Jan. 1 Paid $4,600 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. Feb. 17Paid $1,150 to repair 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. View transaction list Journal entry worksheet Paid $274,000 cash plus $10,960 in sales tax and $1,900 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four-year life and a $27.400 salvage value. Loader costs are recorded Note: Enter debits before credits. General Journal Debit Credit Date Jan 01, 2014 Record entry View general journal Clear entry

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