Champlon Contractors completed the following transactions and events involving the purchase and operation of equpment In its business. 2017 Jan. 1 Paid $302,000 cash plus $12,080 in sales tax and $1,900 in transportation (FOB shipping point) for a mee 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 enclose the cab and instal1 air-conditioning in the loader to enable operations under harsher conditions. This icreased the estimated salvage value of the loader by another $900. Dec. 31 Recorded annual straight-line depreciation on the loader. 2018 Jan. 1 Paid $4,700 to overhaul the loader's engine, which increased the loader's Feb. 17 Paid $1,175 to repair the loader after the operator backed it into a tree. estimated useful life by two years. Dee. 31 Recorded annual straight-line depreciation on the loader. Required Prepare journal entries to record these transactions and events. View transaction list view journal entry worksheet