Champion Contractors completed the following transactions and events involving the purchase and operation of equipment in its business 2014 Paid $306,000 cash plus $12,240 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 $30,600 salvage value. Loader costs are recorded in the Equipment account. n 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. 2015 Paid $4.900 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. Paid $1.225 to repair the loader after the operator backed it Feb 17 into a tree. Dec" 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. Dec 31, 2014 Accumulated depreciation Equement "Enter debits before credits