10.99/20 ||| ... Current Attempt in Progress Crane Co. purchased equipment on March 1, 2019, for $105,000 on account. The equipment had an estimated useful life of five years, with a residual value of $5,000. The equipment is disposed of on February 1, 2022. Crane Co. uses the diminishing-balance method of depreciation with a 20% rate and calculates depreciation for partial periods to the nearest month. The company has an August 31 year end. Your answer is correct. Credit Record the acquisition of the equipment on March 1, 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Mar. 1 Equipment Accounts Payable (To record purchase of equipment on account.) Debit 105000 105000 10.99/20 Your answer is partially correct. Record depreciation at August 31, 2019, 2020, and 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 2019 Date Account Titles and Explanation Aug. 31 Equipment 2020 Accumulated Depreciation - Equipment (To record depreciation expense.) Date Account Titles and Explanation 99+ Debit 8750 Credit Debit Credit 8750 ENG Question 4 of 4 2020 > > Date Account Titles and Explanation Debit Aug. 31 Equipment 2021 Accumulated Depreciation - Equipment (To record depreciation expense.) Date Account Titles and Explanation Debit Aug. 31 Equipment Accumulated Depreciation - Equipment (To record depreciation expense.) 19250 B 12320 10.99/20 Credit Credit 15400 12320 List of Accounts 10.99/20 Your answer is partially correct. Record the disposal on February 1, 2022, under the following assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 1. It was scrapped with no residual value. 2. It was sold for $60,060. 3. It was sold for $50,370. 4. It was traded for new equipment with a list price of $95,000. Crane was given a trade-in allowance of $51,000 on the old equipment and paid the balance in cash. Crane determined the old equipment's fair value to be $52,520 at the date of the exchange. Date Account Titles and Explanation 2022 Feb. Impairment Loss Debit 99+ DOLL 49280 Credit C ENG US Question 4 of 4 Date Account Titles and Explanation Debit 2022 Feb. Impairment Loss 1 Equipment (To record depreciation expense.) Feb. 1. Cash 1 2. Equipment Feb. 1 Gain on Disposal (To record disposal.) 49280 60060 10.99/20 Credit 49280 49280 10780 ENG 202 99- US (DOLL) Question 4 of 4 < > 10.99/20 2. Feb. 1 (To record disposal.) (To record disposal.) Feb. 3. Cash 1 Feb. 4. Loss on Disposal (To record disposal.) ENG 99+ OL (DOLL US 10:16/ 2022-07 Question 4 of 4 < > 10.99/20 4. Feb. 1 (To record disposal.) (To record disposal.) eTextbook and Media List of Accounts 99+ C ENG 29 US 10:16 AM 2022-07-21