$)$

Begin by posting to the Property and Equipment account.

Now post to the Accumulated Depreciation account.

The carrying amount of assets sold during $2020$ is $,$$$$ million.

There is : $,$ of $$$ million. This results because

Requirement $3.$ Prepare the journal entry $f$ explanations from any journal entries.$)$

Begin by preparing the journal entry for the sale of property and equipment during $2020$

Journal Entry

Describe the effect of this transaction on the financial statements. Compare the sales price and the carrying amount in the journal entry, and compare this to the difference calculated in Requirement $2$; describe briefly.

The total carrying amount of $$$ million is $$$ million $$ the sales price of $$$ million.

This is $$ calculation than$/($as$)$ in Requirement $2.$

Requirement $4.$ Prepare a T$-$account for Property and Equipment, Net. Repeat Requirement $1.($Enter amounts in millions as provided in the problem statement.$)$

Property and Equipment, Net

Requirements

T$-$accounts for Property and Equipment and Accumulated Depreciation have

been opened for you. Enter information as presented, and solve for the unknown in each account.

Based on your calculation

assets sold during $2020.$ What is the difference betwe the carrying amount of

Prepare the journat?

Describe the effect of this transaction on the financia equipment during $2020$ the sales

the sales price and the carrying amount in the journal entry, and compare this to the difference you calculated in re

Prepare a T$-$account for Property requirement $2.$ Describe briefly.

tor Property and Equipment, Net. Repeat requirement $1$

Property and equipment data

From the balance sheets:

$\frac{12}{31}\frac{?}{20},\frac{12}{31}\frac{?}{19}$

From the investing activities section of the $2020$ cash flow statement:

Cash used to purchase property and equipment $$,(2,710)$

Proceeds from sale of property and equipment

From the $2020$ income statement:

Depreciation expense

Gain or loss on the sale of equipment