$])$:$\}$

$[(Click$ the icon $to$ view the property and equipment data.$)$

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 calculations in requirement $1,$ calculate the carrying amount of assets sold during $2020.$ What is the difference between the sales price and the carrying amount?

Prepare the journal entry for the sale of property and equipment during $2020.$ 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 you calculated in requirement $2.$ Describe briefly.

Prepare a T$-$account for Property and Equipment, Net. Repeat requirement $1.$