Answer both questions (No calculations needed) and recieve a like!

Wildhorse uses the diminishing-balance method at one times the straight-line depreciation rate. Wildhorse Limited purchased delivery equipment on March 1, 2019 for $138,750 cash. At that time, the equipment was estimated to have a useful life of five years and a residual value of $10,470. The equipment was disposed of on November 30, 2021 Wildhorse uses the diminishing-balance method at one times the straight-line depreciation rate, has an August 31 year end, and makes adjusting entries annually. Record the acquisition of equipment on March 1, 2019. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1 These items are taken from the financial statements of Concord Corp. at December 31, 2022 Buildings $105,800 Accounts receivable 12,200 Prepaid insurance 4,680 Cash 11,840 Equipment 82,400 Land 61,800 Office expense 580 Income tax expense 200 Depreciation expense 5.300 Interest expense 2,500 62,000 40,000 45,200 8,300 Common shares Retained earnings January 1, 2022) Accumulated depreciation--buildings Accounts payable Income taxes payable Bank loan payable (due July 1, 2024) Accumulated depreciation equipment Interest payable 1,300 92.600 18,720 3,600 Sales 15.580 Calculate the net income for the year. Net income $ ELE