Problem 10-4A Computing and revising depreciation; revenue and capital expenditures LO C1, C2, C3 Champion Contractors completed the following transactions and events involving the purchase and operation of equipment in its business 2016 Jan. 1 Paid $266.000 canh plus $10,640 in sales tax and $1,800 in transportation (POB shipping point) for a new loader. The loader is estinated to have a four-year life and a $26,600 salvage value. Loader costs are recorded in the Equipment account. Jan. 3 Paid $6,000 to enclose the cab and install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the londer by anotger $1,800. Dec. 31 Recorded annual straight-line depreciation on the loader. 2017 Jan. 1 Paid $4,100 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. Feb. 17 Paid $1,025 to repair 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. CUI: Jan. 1 Paid $4,100 to overhaul the loader's engine, which increased the loader's estimated useful life Feb. 17 Paid $1,025 to repair 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. Answer is not complete. No Date General Journal 1 Jan 01, 2016 Debit Credit Equipment Cash 278,440 278,440 2 Jan 03, 2016 Equipment Cash >> 6.000 6,000 3 Dec 31, 2016 Depreciation expense-Equipment Accumulated depreciation Equipment 64,485 % 4 64.485 Jan 01, 2017 Equipment Cash . 4,100 5 Feb 17, 2017 4,100 Repairs expense-Equipment Cash 1.025 1,025 HI MacBook Air Bo HA