Check my werk 2 Champion Contractors completed the following transactions involving equipment bo Year 1 Jan. 1 Paid $502,000 cash plus $12.00 in sales tax and 51.700 in transportation For shipping point for a new leader. The loader is estimated to have a four-year life and 330,200 shivage 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 amat straight-line depreciation on the leader Year 2 Jan. 1 Paid 4.90 to overhaul the londer's engine, which increased the leader's estimated seful life by two years. Feb. 17 Poid 11,225 for minor repairs to the leader after the aperator backed it into a tree. Dec. 31 Recorded annual straight-line depreciation on the leader Required: Prepare journal entries to record these transactions and events View transaction Journal entry worksheet 6 Recorded annual straight-line depreciation on the loader. Note: Enter debits before credits Date General Journal Debit Credit Dec 31, Year 2 Depreciation expense-Equipment Accumulated depreciation Equipment View general Journal Record entry Clear entry