Check The property, plant, and equipment section of the Jasper Company's December 31, 2020, balance sheet contained the following: $116,000 Property, plant, and equipment: Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant, and equipment $ 936,000 (180,00) 163,000 756,000 ? The land and building were purchased at the beginning of 2016. Straight-line depreciation is used and a residual value of $36.000 for the building is anticipated The equipment is comprised of the following three machines Life (in Years) Machine 101 102 103 Cost $53,300 85,000 24,200 Date Acquired 1/1/2018 6/30/2019 9/1/2020 Residual Value $6,600 7,600 2.600 The straight-line method is used to determine depreciation on the equipment. On March 31, 2021. Machine 102 was sold for $59.000 Early in 2021, the useful life of machine 101 was revised to five years in total, and the residual value was revised to zero Required: The straight-line method is used to determine depreciation on the equipment. On March 31, 2021. Machine 102 was sold for $59,000. Early in 2021, the useful life of machine 101 was revised to five years in total, and the residual value was revised to zero. Required: 1. Calculate the accumulated depreciation on the equipment at December 31, 2020 2. Prepare the journal entry to record 2021 depreciation on machine 102 up to the date of sale 3. Calculate the gain or loss on the sale of machine 102 4. Prepare the journal entry for the sale of machine 102 5. Prepare the 2021 year-end journal entries to record depreciation on the building and remaining equipment Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Calculate the accumulated depreciation on the equipment at December 31, 2020. Accumulated depreciation Prepare the journal entry to record 2021 depreciation on machine 102 up to the date of sale. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the depreciation on machine 102 through date of sale. Note: Enter debits before credits Date General Journal Debit Credit March 31, 2021 Record entry Clew entry View general journal Required: 1. Calculate the accumulated depreciation on the equipment at December 31, 2020. 2. Prepare the journal entry to record 2021 depreciation on machine 102 up to the date of sa 3. Calculate the gain or loss on the sale of machine 102. 4. Prepare the journal entry for the sale of machine 102. 5. Prepare the 2021 year-end journal entries to record depreciation on the building and rema Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Calculate the gain or loss on the sale of machine 102.
