#1 20 marks The following data relate to the Plant Assets account of Edwards Inc. at...

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#1 20 marks The following data relate to the Plant Assets account of Edwards Inc. at December 31, 2023: Original cost Year purchased Useful life Residual value Depreciation method Accumulated depreciation through 2023 C $46,000 2018 $58,000 2019 $68,000 2020 10 years 17,000 hours 15 years $3,900 straight-line $21,050 54,450 activity $31,600 $8,000 straight-ane $12,000 $73,000 2021 10 years $4,700 double-declining $36,280 Note: in the year an asset is purchased, Edwards does not record any depreciation expense on the asset in the year an asset is retired or traded in, Edwards takes a full year's depreciation on the asset The following transactions occurred during 2023 1. On May 5, Asset A was sold for $17,500 cash 2. On December 31, it was determined that Asset & had been used 3,300 hours during 2023 3. On December 33, before calculating deprecation expense on Asset C, towards management decided that Asset C's remaining useful the should be ten years as of year end 4. On December 31, it was discovered that a piece of equipment purchased in 2019 had been expensed completely in that year, The asset cost $31,000, had a useful life of 10 years when it was acquired, and had no residual value Instructions Management has decided to use the double-declining balance method for this asset, which can be referred to as "Asset E" Ignore income taxes Prepare any necessary adjusting journal entries required at December 31, 2023part 4the sale in part 1, as well as any entries to record depreciation for 2023 for assets on hand at the end of 2023 (283) Round all amounts to the nearest dolar Pay attention to the cute above #1 20 marks The following data relate to the Plant Assets account of Edwards Inc. at December 31, 2023: Original cost Year purchased Useful life Residual value Depreciation method Accumulated depreciation through 2023 C $46,000 2018 $58,000 2019 $68,000 2020 10 years 17,000 hours 15 years $3,900 straight-line $21,050 54,450 activity $31,600 $8,000 straight-ane $12,000 $73,000 2021 10 years $4,700 double-declining $36,280 Note: in the year an asset is purchased, Edwards does not record any depreciation expense on the asset in the year an asset is retired or traded in, Edwards takes a full year's depreciation on the asset The following transactions occurred during 2023 1. On May 5, Asset A was sold for $17,500 cash 2. On December 31, it was determined that Asset & had been used 3,300 hours during 2023 3. On December 33, before calculating deprecation expense on Asset C, towards management decided that Asset C's remaining useful the should be ten years as of year end 4. On December 31, it was discovered that a piece of equipment purchased in 2019 had been expensed completely in that year, The asset cost $31,000, had a useful life of 10 years when it was acquired, and had no residual value Instructions Management has decided to use the double-declining balance method for this asset, which can be referred to as "Asset E" Ignore income taxes Prepare any necessary adjusting journal entries required at December 31, 2023part 4the sale in part 1, as well as any entries to record depreciation for 2023 for assets on hand at the end of 2023 (283) Round all amounts to the nearest dolar Pay attention to the cute above