Champion Contractors completed the following transactions involving equipment Jan. Year 1 Jan. 1 Paid $302,000 cash plus $12,080 in sales tax and $2,000 in transportation (FOB shipping point for a new loader. The loader is estimated to have a four-year life and a $30,200 salvage value. Loader costs are recorded in the Equipment account. 3 Paid $6,000 to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,800. Dec. 31 Recorded annual straight-line depreciation on the loader. Year 2 Jan. 1 Paid $4,700 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. Feb. 17 Paid $1,175 for minor repairs to 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 Required 1A Required 1B Required 10 Calculate book value and gain (loss) for sale of Truck on December 31, Year 3. Depreciation expense (for Year 1) Depreciation expense (for Year 2) Depreciation expense (for Year 3) Accumulated depreciation 12/31/Year 3 Book value of truck at 12/31/Year 3 Total cost Accumulated depreciation Book value 12/31/Year 3 Required 1A Required 18 Required 1C Prepare journal entries to record these transactions and events. View transaction list Journal entry worksheet > Record the total cost of the new delivery truck. Note: Enter debits before credits General Journal Debit Credit Date Jan 01, Year 1 Record entry Clear entry View general journal