ABC Company purchased a piece of equipment for $20, 000. It has a useful life of 5 years and has been depreciated using double declining balance. At the end of year 4, ABC sold the equipment for $2,000. Calculate Gain/Loss and make journal entry to record the sale. Advanced Computers. Co showed the following financial transactions during the year 2010. Make T-accounts to record these transactions, prepare a Trial Balance (fill out the Trial Balance below), then prepare a separate Financial Statement at 12/31/2010: Raised cash by selling stock for $290, 000 Purchased computer inventory of $245,000 on credit Purchased equipment of $30, 000 on credit Started using the equipment from 01/01/2010. The equipment has a useful life of 4 years and using 150% declining balance depreciation method. Borrowed $100, 000 from BOA at 01/01/2010. The loan is due in 4 years. Paid Wages for $75,000, Rent of $30, 000, Selling expenses of $20, 000 and Other admin expenses of $40, 000. Billed clients for $420, 000 of computers. The computers had cost of $200, 000. Use $100, 000 cash to buy back the Company's own stock. Paid $85,000 pan of Accounts Payable