ABC Co. purchases equipment with a cost of $280,000 on May 14, 2021. The equipment has no salvage value. The useful life is 1,400,000 units of production. Record the journal entry for the purchase of the equipment. Calculate the depreciation for the first year, 2021, using units of production depreciation and record the appropriate journal entry. The equipment produced 100,000 units. What is the book value after the 2021 entry for depreciation? Calculate the depreciation for 2022 and record the appropriate journal entry. The equipment produced 250,000 units. What is the book value after the 2022 entry for depreciation? Calculate the depreciation for 2023 and record the appropriate journal entry. The equipment produced 750,000 units. What is the book value after the 2023 entry for depreciation? Calculate the depreciation for 2024 and record the appropriate journal entry. The equipment produced 450,000 units. The company sold the equipment on July 1, 2025 for $5,000 cash. Record the journal entry. You are the accountant for Gibson Co. Record the journal entries for the following sales transactions. You may ignore cost of goods sold. A. On July 1, Gibson Co. sells Yazoo Inc. merchandise on account. The terms are 2/10, n30. The sales price was $6,000. O B. On July 5, Yazoo pays Gibson the amount due. C. On July 15, Gibson sells merchandise to Petal Co. Petal Co. signs a note promising to pay Gibson, Co. $50,000 plus interest of 6% on October 15. D. On July 20, Gibson Co. sells Foster merchandise on account. The terms are 2/10, n30. The sales price was $10,000. E. Foster pays in full on August 30