2016 Jan. 1 Paid $300,000 cash plus $30,000 in sales tax and $18,500 in transportation (FOB shipping point) for a new loader, which is estimated to have a four-year life and a $25,500 salvage value. Loader costs are recorded in the Machinery account. Jan. 3 Paid $15,000 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 loader by another $1,500. Recorded double-declining balance depreciation on the loader. Dec. 31 2017 Jan. 1 Paid $50,400 to overhaul the loader's engine, which increased the loader's estimated useful life by two years. Feb. 17 Paid $1,800 to repair the loader after the operator backed it into a tree. Dec. 31 Recorded double-declining balance depreciation on the loader. Dec. 31 Sold the loader for $250,000 cash.