PROBLEM 6 Mark's Repair Service uses the end is December 31. The following 2011 July 1 Purchase vice uses the straight line method of depreciation The company's fiscal year e following transactions and events occurred during the first three years Purchased equipment from the Equipment Center for $4 300 cash plus sales tax of $305, and shipping costs of $250. Nov. 3 Incurred ordinary repairs on computer of $240. Dec. 31 Recorded 2011 depreciation on the basis of a four-year life and estimated salvage value of $455 2012 Dec. 31 Recorded 2012 depreciation. V Jan. 1 Paid $1,800 for a major upgrade of the equipment. This expenditure 15 expected to increase the operating efficiency and capacity of the equipment Instructions Prepare the necessary entries. (Show computations.) 2011 July 1 Nov. 3 Dec. 31 2012 Dec. 31 2013 Jan. 1