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7 714 point Champion Contractors completed the following transactions involving equipment, Year 1 Jan Paid...

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Accounting

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7 714 point Champion Contractors completed the following transactions involving equipment, Year 1 Jan Paid $262.000 cash plue $10,480 in sales tax and $1,700 in transportation fron shipping point for a new loader. The leader is estimated to have a four-year lite and a $26,200 salvage value. Loader coats are recorded in the Equipment account Jan. Pald $5,000 to natall air conditioning in the loader to enable operation under haruher conditions. This increased the estimated salvage value of the loader by another $1,500. Dec. 31 Recorded annual straight-line depreciation on the loader. Year 2 Jan. 1 Pald 54,100 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. Feb. 17 Paid $1,025 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. obook frances View transaction lit Journal entry worksheet 3 4 5 6 Paid $262,000 cash plus $10,480 in sales tax and $1,700 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four- year life and a $26,200 salvage value. Loader costs are recorded in the Equipment account

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