Champion Contractors completed the following transactions involving equipment Year 1 Jan. 1 Paid $250,000 cash plus $10,320 in sales tax and $1,500 in transportation (FOB shipping point) for a new londer. The loader is estinated to have a four-year life and a $25,000 salvage value. Loader costs are recorded in the Equipment account. Jan. 3 Pald $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 $4,900 to overhaul the londers engine, which increased the loader's estimated useful life by two years. Feb. 17 Pald $1,225 for minor repairs to the leader after the operator backed it into a tree. Dec. 31 Recorded annual straight-line depreciation on the londer. Required: Prepare journal entries to record these transactions and events. View transaction fint Journal entry worksheet 1 2 3 4 5 6 Paid $250,000 cash plus $10,320 in sales tax and $1,500 in transportation (FOB shipping point for a new loader. The loader is estimated to have a four- year life and a $25,800 salvage value. Loader costs are recorded in the Equipment account. Note Enter debits before credits General Journal Date Jan 1 Year 1 Debit Credit Record entry Clear entry View general journal