Champion Contractors completed the following transactions and events involving the purchase and operation of equipment in its business. 2016 Jan. 1 Paid $298,000 cash plus $11,928 in sales tax and $1,780 in transportation (FO8 shipping point) for a new loader. The loader Jan. 3 Paid $5,888 to enclose the cab and install air conditioning in the loader to enable operations under harsher cnditions. Dec. 31 Recorded annual straight-1ine depreciation on the loader. 2017 an. 1 Paid $4,009 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. is estimated to have a four-year life and a $29,800 salvage value. Loader costs are recorded in the Equipment account. This increased the estimated salvage value of the loader by another $1,5e0. Feb. 17 Paid $1,009 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 Journal entry worksheet Paid $298,000 cash plus $11,920 in sales tax and $1,700 in transportation