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Problem $8-4$A $($Algo$)$ Computing and revising depreciation; revenue and capital expenditures LO C$1,$ C$2,$ C$3$

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points

Champion Contractors completed the following transactions involving equipment.

Year $1$

January $1$ Paid $$310,000$ cash plus $$12,400$ in sales tax and $$1,800$ in transportation $($F$0$B shipping point$)$ for a new loader. The loader is estimated to have a four$-$year life and a $$31,000$ salvage value. Loader costs are recorded in the Equipment account.

January $3$ Paid $$3,000$ to install air conditioning in the loader to enable operations under harsher conditions. This increased the estimated salvage value of the loader by another $$900.$

December $31$ Recorded annual straight$-$line depreciation on the loader.

Year $2$

January $1$ Paid $$4,200$ to overhaul the loader's engine, which increased the loader's estimated useful life by two years.

February $17$ Paid $$1,050$ for minor repairs to the loader after the operator backed it into a tree.

December $31$ Recorded annual straight$-$line depreciation on the loader.

Required:

Prepare journal entries to record these transactions and events.

$\backslash$table$[[x$ Answer is complete but not entirely correct.$],[$No$,$Date,General Journal,Debit,Credit$],[1,$January $1,Ye,$Equipment,$324,200(),],[,$Cash,,$324,200()$