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when answered please make sure the whole answer is visible when posted, thank you Champion Contractors completed the following transactions involving equipment Year 1 Jan.
when answered please make sure the whole answer is visible when posted, thank you
Champion Contractors completed the following transactions involving equipment Year 1 Jan. I paid $250,000 cash plus $10,000 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 $25,000 salvage value. Loader costs are recorded in the Equipment account. 3 Paid $6,000 to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,800. Dec. 31 Recorded annual straight-line depreciation on the loader. Jan Year 2 Jan. 1 Paid 54,400 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. Feb. 17 Paid $1,100 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 View transaction ist Journal entry worksheet Paid $250,000 cash plus $10,000 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 $25,000 salvage value. Loader costs are recorded in the Equipment account Note: Enter debits before credits Date General Journal Debit Credit Jan 1 Year 1 Recorded annual straight-line depreciation on the loader Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Year 1 Champion Contractors completed the following transactions involving equipment Year 1 Jan. 1 Paid $250,000 cash plus $10,000 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 $25,000 salvage value. Loader costs are recorded in the Equipment account. Jan. 3 paid $6,000 to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,500. Dec. 31 Recorded annual straight line depreciation on the loader Year 2 Jan. 1 Paid $4,400 to overhaul the loader's engine, which increased the leader's estimated useful life by two years. Feb. 17 Paid $1,100 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, View transaction list Journal entry worksheet 3 5 6 > Paid $4,400 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. Note: Enter debits before credits General Journal Dobit Credit Date Jan 1, Year 2 Champion Contractors completed the following transactions involving equipment: Year 1 Jan. 1 Paid $250,000 cash plus $10,000 in sales tax and $1,600 in transportation (FOB shipping point for a new loader. The Toader is estimated to have a four year life and a $25,000 salvage value. Loader costs are recorded in the Equipment account. Jan. 1 Paid $6,000 to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,800. Dec. 31 Recorded annual straight line depreciation on the loader Year 2 Jan. 1 Paid 54.tee to overhaul the loader's engine, which increased the Toader's estimated useful life by two years. Feb 17 Paid $1,100 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 View transaction list Journal entry worksheet Pald $1,100 for minor repairs to the loader after the operator backed it into a tree Note: Enter debts before credits General Journal Debit Credit Date Feb 17 Year 2 Champion Contractors completed the following transactions involving equipment Year 1 San 1 Paid $250,000 cash plus $10,000 in sales tax and 51,600 in transportation (F08 shipping point for a new loader. The londer is estimated to have a four-year life and a $25,000 salvage value. Loader costs are recorded in the Equipment account. Jan. 3 Paid $6,000 to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,800 Dec. 31 Recorded annual straight-line depreciation on the loader. Year 2 Jan. 1 Paid $4,400 to overhaul the loader's engine, which increased the loader's estimated useful life by two years Feb. 17 Paid 31,100 for winor repairs to the loader after the operator backed it into a tree. Dec. 31 Recorded annual straight-line depreciation on the loader. Required: Prepare joumal entries to record these transactions and events, View transaction is Journal entry worksheet 5 > lore Recorded annual straight-line depreciation on the loader. Noter Enter debits before credits Date General Journal Debit Credit Dec 31 Year 2
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