Assume that Trent Warehousing completed the following transactions: (Click here to view the transaction data.) Trent Warehousing's amortization policy states that the company will take a full month's amortization on purchases occurring up to and on the 15th day of the month and will not take any amortization for the month if the transactio occurs after the 15th day of the month. Required Record the transactions in the general journal indicating whether each transaction amount should be capitalized as an asset or expensed. Round all calculations to the nearest dollar. RHM 2019 Mar. 3 Paid $8,750 cash for a used forklift. 5 Paid $1,700 to have the forklift engine overhauled. 7 Paid $5,000 to have the forklift modified for specialized moving of large flat-screen televisions. Nov. 3 Paid $700 for an oil change and regular maintenance. Dec. 31 Used the DDB method to record amortization on the forklift. (Assume a three-year life and no residual value.) 2020 Feb. 13 Replaced the forklift's broken fork for $550 cash, the deductible on Trent Warehousing's insurance. The new fork will not increase the useful life of the forklift. Jul. 10 Traded in the forklift for a new forklift costing $22,000. The dealer granted a $3,750 allowance on the old forklift, and Trent Warehousing paid the balance in cash. Recorded 2020 amortization for the year to date and then recorded the exchange of the forklifts. This transaction has commercial substance. Dec. 31 Used the DDB method to record amortization on the new forklift. (Assume a five-year life and no residual value.) Enter the transactions in the General Journal. Mar. 3. 2019. Paid $8,750 cash for a used forklift (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date 2019 Accounts Debit Credit Mar. 3 Mar. 5, 2019. Paid $1,700 to have the forklift engine overhauled. Journal Entry Date 2019 Accounts Debit Credit Mar. 5 HOL Mar. 7, 2019. Paid $5,000 to have the forklift modified for specialized moving of large flat-screen televisi Journal Entry Date 2019 Accounts Debit Credit Mar. 7 D- 20 D. Con F. La artanan. Nov. 3, 2019. Paid $700 for an oil change and regular maintenance. Journal Entry Date 2019 Accounts Debit Credit Nov. 3 Dec 31, 2019. Used the DDB method to record amortization on the forklift. (Assume a three-year life and no residual value) do not round intermediary calculations. Only round your answer to the nearest dollar.) Journal Entry Date 2019 Accounts Debit Credit Dec. 31 Feb. 13, 2020. Replaced the forklift's broken fork for $550 cash, the deductible on Trent Warehousing's insurance. The new fork will not increase the useful life of the forklift Journal Entry Date 2020 Accounts Debit Credit Feb. 13 Jul. 10, 2020. Traded in the forklift for a new forklift costing $22,000. The dealer granted a $3,750 allowance on the old forklift, and Trent Warehousing paid the balance in cash Recorded 2020 amortization for the year to date and then recorded the exchange of the forklifts. This transaction has commercial substance. The first step in the trade is to bring the amortization up to date. Record the amortization (Round your answer to the nearest whole dollar.) Journal Entry Date 2020 Accounts Debit Credit Jul 10 The next step is to record the trade-in. Journal Entry Date 2020 Accounts Debit Credit Jul. 10 Dec 31, 2020. Used the DDB method to record amortization on the new forklift (Assume a five-year life and no residual value.) Journal Entry Date 2020 Accounts Debit Credit Dec. 31