60 Champion Contractors completed the following transactions involving equipment Year 1 January 1 Paid $310,000 cash plus $12,400 in sales tax and $1,800 in transportation (F00 shipping point) for a new loader. The loader is estimated to have a four-year life and a $31,000 salvage value. Loader costs are recorded in the Equipment account. January 3 Paid $4,000 to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,200. December 31 Recorded annual straight-line depreciation on the loader. " Year 2 January 1 Paid $4,100 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. February 17 Paid $3,025 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 Journal entry worksheet Recorded annual straight-line depreciation on the loader Date General Journal Cleart C December 31, Year 2 Depreciation expense-Equipment 860 Accumulated reciation Prev 1 of 3 Next >> B 26 2 3 4 5 M E 20 S 66 MacBook Air T Y D F G I 89 7 C O " Help <00 C 9 - 0 11 P P > C C I 2 J K L < > ? X C V B N M command H H x command option 60 Champion Contractors completed the following transactions involving equipment Year 1 January 1 Paid $310,000 cash plus $12,400 in sales tax and $1,800 in transportation (F00 shipping point) for a new loader. The loader is estimated to have a four-year life and a $31,000 salvage value. Loader costs are recorded in the Equipment account. January 3 Paid $4,000 to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,200. December 31 Recorded annual straight-line depreciation on the loader. " Year 2 January 1 Paid $4,100 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. February 17 Paid $3,025 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 Journal entry worksheet Recorded annual straight-line depreciation on the loader Date General Journal Cleart C December 31, Year 2 Depreciation expense-Equipment 860 Accumulated reciation Prev 1 of 3 Next >> B 26 2 3 4 5 M E 20 S 66 MacBook Air T Y D F G I 89 7 C O " Help <00 C 9 - 0 11 P P > C C I 2 J K L < > ? X C V B N M command H H x command option