Check my work D. Assume that Sabei earns $240,000 or casn revenue aung Year 1. Recora une purcnase or the equipment ana the recognition or the revenue and the depreciation expense for the first year in the following financial statements model. c. Assume that Sabel sold the equipment at the end of the fifth year for $31,600. Calculate the amount of gain or loss on the sale. Complete this question by entering your answers in the tabs below. 0:47:01 Required A Required B Required BOOM Assume that Sabel earns $240,000 of cash revenue during Year 1. Record the purchase of the equipment and the recognition of the revenue and year in the following financial statements model. (In the Cash Flow column, use the initials OA to designate operating activity, IA for investing act change in cash and leave the cell blank to indicate the element is not affected by the event Enter any decreases to account balances with a minu Ask Print References SABEL CO. Horizontal Statements Model for Year 1 Balance Sheet Income Statement Assets Stockholders' Equity Revenue Expense Cash Book Value of Common Retained Equipment Stock Earnings 900.000 - 900,000 Net Income Cash Flow Event + Balance Equipment Revenue Depreciation Balance + - 900.000 O 900.000 0 Check my work D. Assume that Sabei earns $240,000 or casn revenue aung Year 1. Recora une purcnase or the equipment ana the recognition or the revenue and the depreciation expense for the first year in the following financial statements model. c. Assume that Sabel sold the equipment at the end of the fifth year for $31,600. Calculate the amount of gain or loss on the sale. Complete this question by entering your answers in the tabs below. 0:47:01 Required A Required B Required BOOM Assume that Sabel earns $240,000 of cash revenue during Year 1. Record the purchase of the equipment and the recognition of the revenue and year in the following financial statements model. (In the Cash Flow column, use the initials OA to designate operating activity, IA for investing act change in cash and leave the cell blank to indicate the element is not affected by the event Enter any decreases to account balances with a minu Ask Print References SABEL CO. Horizontal Statements Model for Year 1 Balance Sheet Income Statement Assets Stockholders' Equity Revenue Expense Cash Book Value of Common Retained Equipment Stock Earnings 900.000 - 900,000 Net Income Cash Flow Event + Balance Equipment Revenue Depreciation Balance + - 900.000 O 900.000 0