ACC220 Term 2187 Comprehensive Independent Assignment PART 1: PROPERTY, PLANT & EQUIPMENT (14 MARKS) 1. Lui Company purchased equipment in 2007 for $80,000 and estimated an $8,000 residual value at the end of the equipment's 10-year useful life. At December 31, 2016, there was $50,400 in the Accumulated Depreciation a ccount for this equipment using the straight-line method of tion. On March 31, 2017 the equipment was sold for $21,000. Prepare the appropriate journal entries to remove the equipment from Lui Company's books on March 31, 2017. agne Company sold a delivery truck for $1,000. The delivery truck originally cost $25,000 irn 013 and $6,000 was spent on a major overhaul in 2016 (charged to Delivery Truck account). Accumulated Depreciation on the delivery truck to the date of disposal was $20,000. Prepare the 2. G appropriate journal entry to record the disposition of the delivery truck Crenshaw Company sold office equipment that had a carrying amount of $4,500 for $6,000. The office equipment originally cost $15,000 and it is estimated that it would cost $19,000 to replace the office equipment. Prepare the appropriate journal entry to record the disposition of the 3. office equipment. Requirement 1: Prepare the necessary entries as indicated in each of the above