Champion Contractors completed the following transactions and events involving the purchase and operation of equipment in its business. 2016 1 Paid $270,000 cash plus $10,800 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 $27,000 salvage value. Loader costs are recorded in the Equipment account. 3 Paid $7,000 to enclose the cab and instal1 air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $2,100. Jan. Jan. Dec. 31 Recorded annual straight-line depreciation on the loader. 2017 1 Paid $4,700 to overhaul the loader's engine, vhich increased the loader's estimated useful life by two years. Jan. Feb. 17 Paid $1,175 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 3 2 1 4 Paid $270,000 cash plus $10,800 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 $27,000 salvage value. Loader costs are recorded in the Equipment account. Note: Enter debits before credits