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Champion Contractors completed the following transactions and events involving the purchase and operation of equipment in its business 2016 Jan. 1 Paid $302,000 cash plus $12,080 in sales tax and $1,800 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four-year life and a $30,200 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. Dec. 31 Recorded annual straight-line depreciation on the loader. 2017 Jan. 1 Paid $4,200 to overhaul the loader's engine, which increased the loader's estimated useful life by two years Feb. 17 Paid $1,050 to repair the loader 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 2 4 6 Paid $302,000 cash plus $12,080 in sales tax and $1,800 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four- year life and a $30,200 salvage value. Loader costs are recorded in the Equipment account. Note: Enter debits before credits Date General Journal Debit Credit Jan 01, 2016 Journal entry worksheet 4 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 Debit Credit Jan 03, 2016 Journal entry worksheet 4 6 Recorded annual straight-line depreciation on the loader. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2016 Journal entry worksheet 4 Paid $4,200 to overhaul the loader's engine, which increased the loader's estimated useful life by two years Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, 2017 Journal entry worksheet 4 6 Paid $1,050 to repair the loader after the operator backed it into a tree. Note: Enter debits before credits Date General Journal Debit Credit Feb 17, 2017 Journal entry worksheet K123 4 56 Recorded annual straight-line depreciation on the loader. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2017