eztomheducationcom Chapter 8 Homework 0 Saved Help Save & Exit Submit Check my work Year1 2 Jan. 1 Paid $274,000 cash plus $10,960 in sales tax and $2,000 in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four-year life and a $27,400 salvage value. Loader costs are recorded in the Equipment account. Jan. 3 Paid $4,000 to install air conditioning in the loader to enable operations under harsher conditions. This 3 increased the estimated salvage value of the loader by another $1,200. points Dec. 31 Recorded annual straightline depreciation on the loader. Year2 Jan. 1 Paid $4,700 to overhaul the leader's engine, which increased the leader's estimated useful life by two years. El Feb. 17 Paid $1,175 for minor repairs to the loader after the operator backed it into a tree. eBook Dec. 31 Recorded annual straightline depreciation on the loader. _ Required: 'EF Preparejournal entries to record these transactions and events. Print Viewjournalentryworksheel References 286,860 286,860 0 Paid $274,000 cash plus $10,960 in sales tax and $2,000 1' in transportation (FOB shipping point) for a new loader. The loader is estimated to have a four-year life and a 4900 $27,400 salvage value. Loader costs are recorded in the 4,000 Equipment account. 0 Paid $4,000 to install air conditioning in the loader to f 65,565 enable operations under harsher conditions. This increased the estimated salvage value of the leader by another $1,200. 65,565 4,600 Recorded annual straightline depreciation on the loader. I. 4.600 Paid $4,700 to overhaul the loader's engine, which I' increased the loader's estimated useful life by two years. %