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Champion Contractors completed the following transactions involving equipment Year 1 Jan. 1 Paid $314,000 cash plus $12,560 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 $31,400 salvage value. Loader costs are recorded in the Equipment account. Jan. 3 Paid $7,000 to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $2,100. Dec. 31 Recorded annual straight-line depreciation on the loader. Year 2 Jan. 1 Paid $4,900 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. Peb. 17 Paid $1,225 for minor repairs to the loader after the operator backed it into a tree. Dec. 31 Recorded annual straight-line depreciation on the loader. Required: Prepare journal entries to record these transactions and events. Journal entry worksheet 1 2 3 5 6 > Paid $314,000 cash plus $12,560 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 $31,400 salvage value. Loader costs are recorded in the Equipment account. Note: Enter debits before credits. Date General Journal Debit Credit Jan 1, Year 1 Equipment Cash Record entry Clear entry View general journal Journal entry worksheet