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What are the below blanks? Champion Contractors completed the following transactions and events involving the purchase and operation of equipment in its business. 2014 Jan.

What are the below blanks?

Champion Contractors completed the following transactions and events involving the purchase and operation of equipment in its business.

2014
Jan. 1

Paid $270,000 cash plus $10,800 in sales tax and $1,900 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four-year life and a $27,000 salvage value. Loader costs are recorded in the Equipment account.

Jan. 3

Paid $4,000 to enclose the cab and 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.

2015
Jan. 1

Paid $4,500 to overhaul the loaders engine, which increased the loaders estimated useful life by two years.

Feb. 17 Paid $1,125 to repair 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.

image text in transcribed

Answer is not complete Date General Journal Jan 01, 2014 Equipment Cash Jan 03, 2014 Equipment Cash Dec 31, 2014 Depreciation e Accumulated depreciation Equipment Jan 01, 2015 Equipment Cash Feb 17, 2015 Repairs expen Cash Dec 31, 2015 Depreciation expense-Equipment Accumulated depreciation-Equipment Debit V 282,700 4,000 64,625 4,500 1.125V Credit 282,700 4,000 64,625 4,500 1,125V

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