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Problem 10-4A Computing and revising depreciation; revenue and capital expenditures LO C1, C2, C3 Champion Contractors completed the following transactions involving equipment. Year 1 Jan. 1 Paid $290,000 cash plus $11,600 in sales tax and $1,600 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four-year life and a $29,000 salvage value. Loader costs are recorded in the Equipment account. Jan. 3 Paid $4,000 to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,200. Dec. 31 Recorded annual straight-line depreciation on the loader. Year 2 Jan. 1 Paid $4,500 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. Feb. 17 Paid $1,125 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. 1 Paid $290,000 cash plus $11,600 in sales tax and $1,600 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four-year life and a $29,000 salvage value. Loader costs are recorded in the Equipment account. 2 Paid $4,000 to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,200. 3 Recorded annual straight-line depreciation on the loader. 4 Paid $4,500 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. 5 Paid $1,125 for minor repairs to the loader after the operator backed it into a tree. 6 Recorded annual straight-line depreciation on the loader. Paid $290,000 cash plus $11,600 in sales tax and $1,600 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four- year life and a $29,000 salvage value. Loader costs are recorded in the Equipment account. Note: Enter debits before credits. General Journal Debit Credit Date Jan 1, Year 1 Paid $4,000 to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,200. Note: Enter debits before credits. General Journal Debit Credit Date Jan 3, Year 1 Recorded annual straight-line depreciation on the loader. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 1 Paid $4,500 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. Note: Enter debits before credits. General Journal Debit Credit Date Jan 1, Year 2 Paid $1,125 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 Recorded annual straight-line depreciation on the loader. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, Year 2
