Champion Contractors completed the following transactions involving equipment. Year 1 loader. The loader is estimated to have a four-year life and a \$32, 600 salvage value. Loader costs are recorded in the Equipment account. increased the estimated salvage value of the loader by another $1,200. December 31 Recorded annual straight-line depreciation on the loader. Year 2 years. February 17 Paid $1,150 for minor repairs to the loader after the operator backed it into a tree. December 31 Recorded annual straight-line depreciation on the loader. Required: Prepare journal entries to record these transactions and events. Journal entry worksheet Paid $326,000 cash plus $13,040 in sales tax and $1,600 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a fouryear life and a $32,600 salvage value. Loader costs are recorded in the Equipment account. Note: Enter debits before credits