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Champion Contractors completed the following transactions and events involving the purchase and operation of equipment...

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Champion Contractors completed the following transactions and events involving the purchase and operation of equipment in its business. 2016 Jan. 1 Paid $290,000 cash plus $11,600 in sales tax and $1,600 in transportation (FOB shipping point) for a new loader. The loader an. 3 Paid $6,000 to enclose the cab and install air conditioning in the loader to enable operations under harsher conditions Dec. 31 Recorded annual straight-line depreciation on the loader 2017 an. 1 Paid $4,900 to overhaul the loader's engine, which increased the loader's estimated useful life by two years is estimated to have a four-year life and a $29,000 salvage value. Loader costs are recorded in the Equipment account. This increased the estimated salvage value of the loader by another $1,800. Feb. 17 Paid $1,225 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

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