Champion Contractors completed the following transactions and events involving the purchase and operation of equipment in its business. 2017 Jan. 1 Paid $254, 000 cash plus $10, 160 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 $25, 400 salvage value. Loader costs are recorded in the Equipment account. Jan. 3 Paid $5, 000 to enclose the cab and install air-conditioning in the loader to enable operations under Dec. 31 Recorded annual straight-line depreciation on the loader 2018 Jan. Paid $4, 300 to overhaul the loader s engine, which increased the loader s estimated useful life by Feb. 17 Paid $1, 075 to repair the loader after the operator backed it into a tree harsher conditions. This increased the estimated salvage value of the loader by another $1, 500. two years. 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