Mahoney Company Had the Following Transactions Involving Plant Assets During

Essay

Mahoney Company had the following transactions involving plant assets during 2010 and 2010.Unless otherwise indicated,all transactions were for cash.
$\begin{array}{|c|l|}\hline 2009 & \\\hline \text { Jan. 2 } & \begin{array}{l}\text { Purchased a truck for } \$ 50,000 \text {. Sales tax on the truck was } \$ 3,000 \text {, and the license } \\\text { was } \$ 250 . \text { The truck is expected to have a } \$ 4,000 \text { salvage value and a 4-year life. }\end{array} \\\hline \text { Jan. 3 } & \begin{array}{l}\text { Paid } \$ 1,500 \text { to have the company's logo painted on the truck. This did not change } \\\text { the truck's salvage value. }\end{array} \\\hline \text { Dec.31 } & \text { Recorded straight-line depreciation on the truck. } \\\hline\\\hline 2010 & \\\hline \text { Jan. 5 } & \begin{array}{l}\text { Paid } \$ 5,000 \text { to put a bigger engine in the truck. This new engine is expected to } \\\text { make the truck run more efficiently, and will increase the truck's useful life by } \\\text { one year. The salvage value remained at } \$ 4,000 .\end{array} \\\hline \text { Mar. 1 } & \begin{array}{l}\text { Paid } \$ 2,000 \text { to replace a broken tailgate. The tailgate was damaged when a heavy } \\\text { carton was inadvertently dropped on it. }\end{array} \\\hline \text { Dec. 31 } & \text { Recorded straight-line depreciation on the truck. }\\\hline \end{array}$

Prepare the general journal entries to record these transactions.