Courtney Contractors completed the following trans

Courtney Contractors completed the following transactions and events involving the purchase and operation of equipment in its business:
2007
Jan.  1    Paid $127,400 cash plus $6,370 in sales tax and $1,800 in transportation (FOB shipping point) for a new crane. The crane is estimated to have a five-year life and a $15,570 salvage value. Crane costs are recorded in the Equipment account.
Jan.  3    Paid $5,600 to paint the company logo and install air conditioning in the crane. This increased the estimated salvage value of the crane by another $600.
Dec. 31   Recorded annual straight-line depreciation on the crane.
2008
Jan.  1    Paid $10,000 to overhaul the crane- boom, which increased the crane- estimated useful life by one year.
Feb. 17   Paid $3,200 to repair the crane after the crane operator damaged it while in use.
Dec. 31   Recorded annual straight-line depreciation on the crane.
Required
Prepare journal entries to record these transactions and events.

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