Champion Contractors completed the following transactions involving equipment Year 1 Jan. 1 Paid $270,000 cash plus $10,800 in sales tax and $1,700 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. Dan.3 Paid $4,000 to install air conditioning in the louder 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 54,700 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. Fab. 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 1 6 > paid $270,000 cash plus 510,800 in sales tax and 51.700 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