Charles wood working company tems are purchased as of lanuary 1, Year or $2,500,000 Assets Land-$500,000 Office Equipment- $100,000 Inventory- $1,000,000 Accounts Receivable- $30,000 There were no Liabilities purchased during this transaction 1) When Charles records the purchase of the assets, how much will be debited to office equipment? 2) At the end of year 2, Charles determines that the equipment is useless. The equipment is taken out of service on January 1, year 3. What is the loss on disposal that will be recorded? Charles has used straight line depreciation, zero salvage value and a 5-year life to depreciate this equipment