Champion Contractors completed the following transactions involving equipment. Year 1 1 Paid $314,e00 cash plus $12,560 in sales tax and $1,600 in transportation (FOB shipping point) for a new loader. The is estimated to have a four-year life and a $31,400 salvage value. Loader costs are recorded in the Equipment account. 3 Paid $4,ee0 to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $1, 200. Jan. Jan. Dec. 31 Recorded annual straight-line depreciation on the loader. Year 2 Book 1 Paid $4,200 to overhaul the loader's engine, which increased the loader's estimated useful 1ife by two years. Jan. Feb. 17 Paid $1,050 for minor repairs to the 1oader after the operator backed it into a tree. Dec. 31 Recorded annual straight-1ine depreciation on the loader. Print Required: Prepare journal entries to record these transactions and events References View transaction list Journal entry worksheet 5 6 2 1 Pald $314,000 cash plus $12.560 in sales tax and $1,600 in transportation (FOB shipplng point) for a new loader. The loader is estimated to have a four year life and a s31,400 salvage value. Loader costs are recorded in the Equipment account. Note: Enter debits before cred ts Debit Credit General Journal Date Jan 1, Year 1 Or elry Receed etry Nex