(a) Your answer is correct. On January 1, 2020, Flint Inc. sold computer equipment to Tamarisk Co. The sales price of the equipment was 529,000 and its carrying amount is $409,000. Record any journal entries necessary for Flint from the sale of the computer equipment in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 1/1/20 Cash 529000 Equipment 409000 Gain on Disposal of Equ 120000 Click if you would like to Show Work for this question: Open Show Work (b) Use the information from part a. Assume that, on the same day the sale occurred, Flint enters into an agreement to lease the equipment from Tamarisk for 10 years with annual lease payments of $68,507.96 at the end of each year, beginning on December 31, 2020. If Flint has an incremental borrowing rate of 5% and the equipment has an economic useful life of 10 years, record any journal entries necessary for Flint from the sale and leaseback of computer equipment in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 5,275.25. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit Date 1/1/20 12/31/20 Click if you would like to Show Work for this question: Open Show Work