January 1 Paid $298,000 cash plus $11,920 in salem tax and $1,800 in transportation (Fos shipping point) for a nev loader. The loader is estimated to have a four-year life and a $29,800 salvage value. Loader conta are recorded in the Equipment account. January 3 Paid 55,000 to install air conditioning in the loader to enable operations under harsher conditions - This increased the estimated salvage value of the loader by another $1,500. December 31 Recorded annual straight-1ine depreciation on the loader. Year 2 January 1 Paid $4,800 to overhaul the loader's engine, which increased the loader"s estimated uaseful life by two year ye February 17 Paid $1,200 for minor repairs to the loader after the operator backed it into a tree. December 31 Recorded annual straight-1ine depreciation on the loader. Required: Prepare journal entries to record these transactions and events. January 1 Paid $298,000 cash plus $11,920 in sales tax and $1,800 in transportation (FoB shipping point) for a new loader. The loader is estimated to have a four-year life and a 529,800 salvage value. Loader costs are recorded in the Equipment account. January 3 Paid $5,000 to install air conditioning in the loader to enable operations under haraher canditions. This inereased the estimated salvage value of the loader by another $1,500. December 31 Recorded annual straight-1ine depreciation on the loader. Year 2 January 1 Paid $4,800 to overhaul the loader's ongine, which increased the loader's estimated uaeful 1ife by tvo years. February 17 Paid $1,200 for minor repairs to the loader after the operator backed it into a tree. December 31 . Recorded annaal straight-1ine depreciation on the loader. Required: Prepare journal entries to record these transactions and events