Champion Contractors completed the following transactions involving equipment. Year 1 Jan. 1 Paid $322,000 cash plus $12,880 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 $32.290 salvage value Loader costs are recorded in the Equipment account. Jan. 3 Paid $4,000 to install air conditioning in the leader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1,200. Dec. 31 Recorded annual straight-line depreciation on the loader. Year 2 Jan. 1 Paid $4,600 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. Feb. 17 Paid $1,000 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. Answer is complete but not entirely correct. General Journal No Date Credit Debit 336,780 Jan 1, Year 1 Equipment Cash 32.780 Jan 3, Year 1 4,000 Equipment Cash 4.000 3 Tan 31 Year 1 enreninin aynan asinan 7 R45 Prepare journal entries to record these transactions and events. Answer is complete but not entirely correct. No Date General Journal Credit Jan 1, Year 1 Equipment Cash Debit 336.780 336.780 Jan 3, Year 1 Equipment Cash 4,000 4,000 3 Dec 31, Year 1 Depreciation expense Equipment 76,845 Accumulated depreciation Equipment 76.845 Jan 1. Year 2 Equipment Cash oooooo 4.000 4,000 Feb 17 Year 2 Repairs expense Equipment 1.000 Cash 1,000 Dec 31, Year 2 49.187 Depreciation expense Equipment Accumulated depreciation Equipment 49.187 X