The property, plant, and equipment section of the Jasper Company?s December 31, 2020, balance sheet contained the following:

The land and building were purchased at the beginning of 2016. Straight-line depreciation is used and a residual value of $40,000 for the building is anticipated.The equipment is comprised of the following three machines:

The straight-line method is used to determine depreciation on the equipment. On March 31, 2021, Machine 102 was sold for $52,500. Early in 2021, the useful life of machine 101 was revised to seven years in total, and the residual value was revised to zero.

Required:1. Calculate the accumulated depreciation on the equipment at December 31, 2020.2. Prepare the journal entry to record 2021 depreciation on machine 102 up to the date of sale.3. Prepare a schedule to calculate the gain or loss on the sale of machine 102.4. Prepare the journal entry for the sale of machine 102.5. Prepare the 2021 year-end journal entries to record depreciation on the building and remaining equipment.

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Property, plant, and equipment: Land $120,000 $ 840,000 (200,000) Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant, and equipment 640,000 180,000 Machine Date Acquired Residual Value Life (in years) Cost 101 102 103 $70,000 80,000 $7,000 8,000 3,000 1/1/2018 10 6/30/2019 9/1/2020 30,000