Case 1: KIWICO Co. (questions 1 - 5) KIWICO Co. elects to depreciate all equipment on a straight-line basis. The company reports on an annual basis. There are 30 days in each month. The fiscal year ends on the 31" of December Equipment On 01-01-2016, KIWICO Co. buys Equipment A for 81000 and Equipment for 15 000. The recoverable value of the Equipment A approximates the corrying amount at 31-12-2016 and 31-12-2017. On 31-12-2018 the accumulated depreciation of Equipment A ls 24 300 and the recoverable value of the equipment is determined to be 49 000. The recoverable value of Equipment Capproximates the carrying amount from 2016 to 2019. On 01-01-2020 when the accumulated depreciation of Equipment C is 6000 KIWICO Co sells Equipment C for 10 100 cash On 01-04-2020 KIWICO Co. purchases Equipment B for 97 000 on account. The equipment is expected to have a 9-year life with a residual value of 11680. Land On 01-01-2020, KIWICO Co. purchases land for 1 180 000. The company pays 10 000 to tear down a bullding on the land. Salvage is sold for 6500. Legal fees of 7 300 are paid for title Investigation and making the purchase. KIWICO Co. also builds a private parking lot at a cost of 8600. Prepare the journal entry to report the sale of Equipment Con 01-01-2020. Credit Debit Account Select + Add o journol entry