Answer is not complete. Champion Contractors completed the following transactions involving equipment. Year 1 January 1 paid $282,000 cash plus $11,280 in sales tax and $1,700 in transportation (Fo8 shipping point) for a new loader. The loader is estinated to have a four-year life and a $28,200 salvage value. Loader costs are recorded in the Equipaent account. January 3 Paid $3,900 to install air conditioning in the loader to enable operations under harsher conditions. This increased the estinated salvage value of the loader by another $900. Decenber 31 Recorded annual straight-1ine depreciation on the loader. Year 2 Janwary 1 Paid $4,300 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. February 17 Paid $1,075 for ainor repairs to the loader after the operator backed it into a tree. Decreber 31 Recorded annual straight-line depreciation on the loader. Required: Prepare journal entiles to record these transactions and events