Champion Contractors completed the following transactions involving equipment Year 1 Jan. 1 Paid $302,600 cash plus $12,080 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 $30, 200 salvage value. Loader costs are recorded in the Equipment account. Jan. 3 Paid $3,000 to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $900. Dec. 31 Recorded annual straight-line depreciation on the loader. Year 2 Jan. 1 Paid $4,990 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. Feb. 17 Paid $1,225 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 Date General Journal Debit Credit Dec 31, Year 1 Depreciation expense Equipment 71,900 Accumulated decleciation Equipment 71,900 Record entry Clear entry View general journal