Champion Contractors completed the following transactions and events involving the purchase and operation of equipment in its business 2016 Jan. 1 Paid $270,000 cash plus $10,800 in sales tax and $1,600 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. Jan. 3 Paid $7,000 to enclose the cab and instal air conditioning in the loader to enable operations under harsher Dec. 31 Recorded annual straight-1ine depreciation on the loader. 2017 conditions. This increased the estimated salvage value of the loader by another $2,100 Jan 1 Paid $4,300 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. Feb. 17 Paid $1,075 to repair the loader after the operator backed it into a tree Dec. 31 Recorded annual straight-1ine depreciation on the loader Required Prepare journal entries to record these transactions and events