need correct , well explained ,formulated answer with thanks Champion Contractors completed the following transactions involving equipment.Year 1January 1 Paid $287,600 cash plus $11,500 in sales tax and $1,500 in transportation (FOB shipping point) for a newloader. The loader is estimated to have a four-year life and a $20,600 salvage value. Loaderor costs arerecorded in the Equipment account.January 3Paid $4,800 to install air-conditioning in the loader to enable operations under harsher conditions. Thisincreased the estimated salvage value of the loader by another $1,400.December 31 Recorded annual straight-line depreciation on the loader.Year 2January 1 Paid $5,400 to overhaul the loader's engine, which increased the loader's estimated useful life by twoyears.February 17 Paid 5820 for minor repairs to the loader after the operator backed it into a tree.December 31 Recorded annual straight-line depreciation on the loader..Required:Prepare journal entries to record these transactions and events.View transaction fistJournal entry worksheet3 4Paid $287.600 cash plus $11.500 in sales tax and $1.500 in transportation

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Description: need correct , well explained ,formulated answer with thanks Champion Contractors completed the following transactions involving equipment.Year 1January 1 Paid $287,600 cash plus $11,500 in sales tax and $1,500 in transportation (FOB shipping point)

DepreciationDepreciation is one of the components of indirect expenses which are presented in the…

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Champion Contractors completed the following transactions involving equipment. Year 1 January 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. January 3 December 31 Year 2 Paid $4,800 to install air-conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,400. Recorded annual straight-line depreciation on the loader. January 1 Paid $5,400 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. February 17 Paid 5820 for minor repairs to the loader after the operator backed it into a tree. December 31 Recorded annual straight-line depreciation on the loader. Required: Prepare journal entries to record these transactions and events.

Champion Contractors completed the following transactions involving equipment. Year 1 January 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. January 3 December 31 Year 2 Paid $4,800 to install air-conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,400. Recorded annual straight-line depreciation on the loader. January 1 Paid $5,400 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. February 17 Paid 5820 for minor repairs to the loader after the operator backed it into a tree. December 31 Recorded annual straight-line depreciation on the loader. Required: Prepare journal entries to record these transactions and events.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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