5 Champion Contractors completed the following transactions and events involving the purchase and operation of equipment in its business 1.81 points 2016 Jan. 1 Paid $250,000 cash plus $10,000 in sales tax and $1,900 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four-year life and a $25,000 salvage value. Loader costs are recorded in the Equipment account. Jan 3 Paid $4,000 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 $1,200 eBook Dec. 31 Recorded annual straight-line depreciation on the loader 2017 Jan. 1 Paid $4,600 to overhaul the loader's engine, which increased the loader's estimated useful life by two years Feb. 17 Paid $1,150 to repair the loader after the operator backed it into a tree. Dec. 31 Recorded annual straight-line depreciation on the loader Print Required: References Prepare journal entries to record these transactions and events