8 Graded HW Champion Contractors completed the following transactions and events involving the purchase and operation of equipment in its business. 2016 Jan. 1 Paid $254.ee cash plus $10,160 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 $25,400 salvage value. Loader costs are recorded in the Equipment account. Jan. 3 Paid 14,000 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 leader by another $1,200. Dec. 31 Recorded annual straight-line depreciation on the loader. 2017 Jan. 1 Pald 14,900 to overhaul the loader's engine, which increased the leader's estimated useful life by two years. Feb. 17 Pald $1,225 to repair the leader after the operator backed it into a tree Dec. 31 Recorded annual straight line depreciation on the loader. Required: Prepare journal entries to record these transactions and events View transaction list Journal entry worksheet Paid $254,000 cash plus $10,160 in sales tax and $1,900 in transportation (FOB shipping point for a new loader. The loader is estimated to have a four year we and a $25.400 salvage value. Loader costs are recorded in the Equipment account Note: Enter debits before credits . Dobin Credit Jan 01.2016 Required: Prepare journal entries to record these transactions and events. View transaction list Journal entry worksheet 1 2 3 4 5 6 Paid $254,000 cash plus $10,160 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 $25,400 salvage value. Loader costs are recorded in the Equipment account. Note: Enter debits before credits Date General Journal Debit Credit Jan 01, 2016 ferences Record entry Clear entry View general journal Required: Prepare journal entries to record these transactions and events. View transaction list Journal entry worksheet 4 5 6 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. Note: Enter debits before credits. Date General Journal D ebit Credit Jan 03, 2016 Record entry Clear entry View general journal Required: Prepare journal entries to record these transactions and events. View transaction list Journal entry worksheet