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 loader. The loader is estimated to have a four-year life and a $20,600 salvage value. Loader costs recorded in the Equipment account. January 3 Paid $4,800 to install air-conditioning in the loader to enable operations under harsher condition increased the estimated salvage value of the loader by another $1,400. ecember 31 Recorded annual straight-line depreciation on the loader. ear 2 January 1 Paid $5,400 to overhaul the loader's engine, which increased the loader's estimated useful life by years. ebruary 17 Paid $820 for minor repairs to the loader after the operator backed it into a tree. ecember 31 Recorded annual straight-line depreciation on the loader. equired: epare 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 loader. The loader is estimated to have a four-year life and a $20,600 salvage value. Loader costs recorded in the Equipment account. January 3 Paid $4,800 to install air-conditioning in the loader to enable operations under harsher condition increased the estimated salvage value of the loader by another $1,400. ecember 31 Recorded annual straight-line depreciation on the loader. ear 2 January 1 Paid $5,400 to overhaul the loader's engine, which increased the loader's estimated useful life by years. ebruary 17 Paid $820 for minor repairs to the loader after the operator backed it into a tree. ecember 31 Recorded annual straight-line depreciation on the loader. equired: epare journal entries to record these transactions and events.

Name: Champion Contractors completed the following transactions involving e
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Description: 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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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At the end of Year 1, how much is the balance of the assets account Production-in-Progress if WW Guy uses the percentage of completion method? see the options in attached screenshot.
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Montana Mining Company pays $4,360,440 for an ore deposit containing 1,552,000 tons. The company installs machinery in the mine costing $245,300. Both the ore and machinery will have no salvage value after the ore is completely mined. Montana mines and sells 177,800 tons of ore during the year. Prepare the December 31 year-end entries to record both the ore machinery depreciation should be in proportion to the mine's depletion depletion and the mining machinery depreciation. Mining Note: Do not round intermediate calculations. Round your final answers to the nearest whole number. View transaction list Journal entry worksheet 2 Record the year-end adjusting entry for the depletion expense of ore mine. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal Journal entry worksheet < 1 12 Record the year-end adjusting entry for the depreciation expense of the mining machinery. Note: Enter debits before credits. Date…