ann Corporation purchased an equipment on July 1.2016, for $800.000. Management depreciated Question S: 10 Points the equipment using double-dectining balance, with an estimated useful life of ten residual value On June 30,2018, Jann Corp decided to sell the equipment to Murry Corp for $650,000. Prepare the journal entry to record the sale of equipment. Account stion 6: 20 Points pril 1,2018. ABC purchased an existing factory for 2 million. The price included title to the factory building, manufacturing equipment. and a patent on a process the equipment At the time of the purchase, the assets fair value were $450k $875k nd pment S625k ni $550k npany placed the assets into use on June 1, 2018 and decided that salvage value and life of the assets purchased would be: set Salvage Value Estimate Life-(r