Business, 13.11.2019 21:31 hh23135

Champion contractors completed the following transactions and events involving the purchase and operation of equipment in its business. 2016 jan. 1 paid $287,600 cash plus $11,500 in sales tax and $1,500 in transportation (fob shipping point) for a new loader. the loader is estimated to have a four-year life and a $20,600 salvage value. loader costs are recorded in the equipment account. jan. 3 paid $4,800 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 $1,400. dec. 31 recorded annual straight-line depreciation on the loader. 2017 jan. 1 paid $5,400 to overhaul the loader’s engine, which increased the loader’s estimated useful life by two years. feb. 17 paid $820 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.

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Champion contractors completed the following transactions and events involving the purchase and oper...