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Shamrocks R Us, Inc. had the following transactions involving plant assets. 2013 Jan. 2 Purchased a delivery van for cash with an invoice price of
Shamrocks R Us, Inc. had the following transactions involving plant assets. 2013 Jan. 2 Purchased a delivery van for cash with an invoice price of $32,500 plus sales tax of $2,925. The van is estimated to have a S6,850 salvage value and a five-year useful life. Jan. 3 Paid $975 cash to have the company's logo (a very large 3-leaf clover) painted on the van, readying it for use in the business. 2014 July 1 Installed air conditioning in the van at a cost of $1,808 cash. Although the van's estimated useful life was unaffected, its estimated salvage value was increased by $400 Sept 7Paid $450 cash for van tune-up and safety inspection. 2015 Mar 1 |Sold the van for $30,000 cash REQUIRED: Record the above transactions directly in the G/L including any required year-end adjusting entries
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