Lubbock Corporation acquires machinery from South Company in exchange for a $20,000 noninterest- bearing, 5-year note on June 30, 2013. The note is due on June 30, 2018. The machinery has a fair value of $11,348.54, is subject to straight-line depreciation, and has an estimated life of 10 years (no residual value). Lubbock's fiscal year ends June 30.

Required:

Prepare the journal entries on each of the following dates to record the preceding information for Lubbock:

1. June 30, 2013

2. June 30, 2014

3. June 30, 2015

4. June 30, 2016

5. June 30, 2017

6. June 30, 2018