5. On 1/1/2021, Terrific Tom Co. purchased new equipment for 400,000, paying cash. The asset is depreciated using the straight-line method over 10 years, with no salvage value. Adjusting entries are made once per year, on December 31. On 1/1/2024 (asset has depreciated 3 years), Terrific Tom sells the equipment for $197,000 cash

a.Make all 2021 journal entries (two of them)

b. Make the 2022 journal entry (one entry)

c.Make the 1/1/2024 journal entry for the sale (one entry)

d. For each journal entry, what is the effect on total assets, liabilities, equity, revenues, expenses, and net income? Give both direction and amount.