If the liabilities of a business increased $75,000 during a period of time and the stockholders' equity in the business decreased $30,000 during the same period, the assets of the business must have:

Yoblems 34 A company pays $251,950 cash for a truck expected to last six years and have a $30,000 salvage value. The following costs relate to the truck. January 1 Paid $17,050 cash for a new component that increased the truck's productivity. March 1 Paid $4,263 cash for minor repairs (broken tailgate) necessary to keep the truck working well. November 7 Paid $10,000 cash for significant repairs to increase the useful life of the truck from six to nine years. Prepare journal entries to record these transactions.