Champion Contractors completed the following transactions involving equipment. Year 1 1 Paid $266,000 cash plus $10,640...

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Champion Contractors completed the following transactions involving equipment. Year 1 1 Paid $266,000 cash plus $10,640 in sales tax and $1,900 in transportation (FOB shipping point) for a new loader. The loader is estinated to have a four-year lite and a $26,600 salvage value. Loader costs are recorded in the Equi pment account. 3 Paid $5,000 to install air conditioning in the loader to enable operations under harsher conditions. This increased the estinated salvage value of the loader by another $1,500. Jan. Jan. Dec. 31 Recorded annual straight-line depreciation on the loader. Year 2 Jan. 1 Paid $4,200 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. Feb. 17 Paid $1,050 for minor repairs to 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 3 4 5 6 <> 1 Paid $266,000 cash plus $10,640 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 $26,600 salvage value. Loader costs are recorded in the Equipment account. Note: Enter debits before credits. Date General Journal Debit Credit Jan 1, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet く 1 2 3 4 5 6 Paid $5,000 to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,500. Note: Enter debits before credits. Date General Journal Debit Credit Jan 3, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet 4 5 6 <> Recorded annual straight-line depreciation on the loader. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet <> 1 3 4. Paid $4,200 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. nces Note: Enter debits before credits. General Journal Debit Credit Date Jan 1, Year 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet 3 4 > 1 2 Paid $1,050 for minor repairs to the loader after the operator backed it into a tree. Note: Enter debits before credits. Date General Journal Debit Credit Feb 17, Year 2 Record entry Clear entry View general journal LO View transaction list Journal entry worksheet 1 2 3 4 5 <> Вook Recorded annual straight-line depreciation on the loader. Print erences Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 2 Record entry Clear entry View general journal Champion Contractors completed the following transactions involving equipment. Year 1 1 Paid $266,000 cash plus $10,640 in sales tax and $1,900 in transportation (FOB shipping point) for a new loader. The loader is estinated to have a four-year lite and a $26,600 salvage value. Loader costs are recorded in the Equi pment account. 3 Paid $5,000 to install air conditioning in the loader to enable operations under harsher conditions. This increased the estinated salvage value of the loader by another $1,500. Jan. Jan. Dec. 31 Recorded annual straight-line depreciation on the loader. Year 2 Jan. 1 Paid $4,200 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. Feb. 17 Paid $1,050 for minor repairs to 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 3 4 5 6 <> 1 Paid $266,000 cash plus $10,640 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 $26,600 salvage value. Loader costs are recorded in the Equipment account. Note: Enter debits before credits. Date General Journal Debit Credit Jan 1, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet く 1 2 3 4 5 6 Paid $5,000 to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,500. Note: Enter debits before credits. Date General Journal Debit Credit Jan 3, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet 4 5 6 <> Recorded annual straight-line depreciation on the loader. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet <> 1 3 4. Paid $4,200 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. nces Note: Enter debits before credits. General Journal Debit Credit Date Jan 1, Year 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet 3 4 > 1 2 Paid $1,050 for minor repairs to the loader after the operator backed it into a tree. Note: Enter debits before credits. Date General Journal Debit Credit Feb 17, Year 2 Record entry Clear entry View general journal LO View transaction list Journal entry worksheet 1 2 3 4 5 <> Вook Recorded annual straight-line depreciation on the loader. Print erences Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 2 Record entry Clear entry View general journal

Answer rating: 100% (QA)

Jan s yoar A Loader 266000 Sates tax 6 Frelght cost 1900 Cash 278540 Jan 3 yeat 4 Air conditioning ... View the full answer