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In Year 3, Cougar Co. purchased the equipment indicated in the situations below. The company has a December 31 year end and records depreciation using the straight-line method.

To prepare each required journal entry:

• Click on a cell in the Account Name column and select the appropriate account. An account may be used once or not at all for a journal entry.
• Enter the corresponding debit or credit amount in the associated column.
• All amounts will be automatically rounded to the nearest dollar.
• Not all rows in the table might be needed to complete each journal entry.
• If no journal entry is needed, check the "No Entry Required" box at the top of the table as your response.

On January 1, Year 3, Cougar added an engine to a backhoe at a cost of $65,000, which extended the estimated useful life of the asset by 5 years. The original equipment, purchased January 1, Year 1, cost $120,000 and had an estimated useful life of 12 years. Record the entry needed on December 31, Year 3. Assume that Cougar records depreciation expense annually.

No Entry Required

	A	B	C
1	Account Name	Debit	Credit
2
3
4
5

Cougar purchased a tractor on March 1, Year 3, for $240,000, and the estimated useful life was 5 years. Cougar recorded $48,000 for depreciation expense in Year 3. Record the entry upon discovery of the error in Year 4. Assume that Cougar records depreciation expense monthly.

No Entry Required

	A	B	C
1	Account Name	Debit	Credit
2
3
4
5

Cougar purchased a snowmobile on October 1, Year 3, for $19,000, with a $1,000 salvage value, and the estimated useful life was 3 years. Due to an oversight, the company failed to record depreciation expense in Years 3 and 4. Record the entry needed on June 30, Year 4, when the oversight was discovered. Assume that Cougar records depreciation expense monthly.

No Entry Required

	A	B	C
1	Account Name	Debit	Credit
2
3
4
5