6. Make necessary journal entries for the following dates and events. (16 points) a) On January 1, 2010, Hampton purchased equipment at a cost of $400,000. The installation cost is $20,000. The equipment has a 10 year life and an expected salvage value at the end of 10 years of $20,000. b) On December 31, 2010, Hampton determined that the fair value of the equipment was $390,000 and no impairment loss is incurred. c) On January 1st, 2011, Hampton revised the useful life of the computers to a total of 14 years to replace the original assumption of 10 years and the salvage value to $30,000. d) On December 31, 2011, Hampton determined that the fair value of the equipment was $320,000 and an impairment loss is incurred. 5 TOA d) On December 31, 2011, Hampton determined that the fair value of the equipment was $320,000 and an impairment loss is incurred. 9 T 9 e) On March 31, 2012, Hampton sold the equipment for $ 320,000