2. Deal with bad long-term asset (10points) ) On June 30, 2011, MeLo, Inc. sold equipment for S6.350 cash. The equipment was purchased on January 1, 2006 at a cost of $15,000. The equipment was depreciated using the straight-line method over an estimated ten-year life with zero salvage value. 2010, its year-end. Prepare the journal entries necessary to record the disposition of this equipment. MeLo last recorded depreciation on the equipment on December 31, (5 points) 2) Matrix, Inc. exchanged new equipment and $10,000 cash for equipment owned by Float, Inc. Below is information about the asset exchanged by Matrix. Record the transaction assuming the exchange lacks commercial (5 points) substance. Fair Book Accumulated Value Cost Depreciation Value Matrix's $300,000 Equipment $205,000 $500,000 $200,000 aarn profits on short-term differences in