Champlon Contractors completed the following transactions involving equipment. Year 1 January 1 Faid $302,000 canh plun 512,000 in sales tax and $1,600 in transportation (FoB ehipping polnt) for a hev Loader. The loader is estinated to have a four-year life and a 330,200 sslvage valee. Loader costs are recorded in the Irquiprent account. January 3 pirid 65,000 to install air conditioning in the loader to anable operations under harmher tonditiona. This inereaned the eatiasted nalvage value of the loader by asother 81,500 . oecenber 31 Recorded annui atraight-1ine depreelation on the looder. Year 2 Yebruary 17 Paid 51,200 for ninor repaira to the loader after the operator backed it into a tree. Decimber 31 llecorded annual atraight-1ine depreclation on the loader. Required: Prepare journal entries to record these transactions and events. Journal entry worksheet 3456 Pald $302,000 cash plus $12,080 in sales tax and $1,600 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a fouryear life and a $30,200 salvage value. Looder costs are recorded in the Equipment account