Current Attempt in Progress Shown below are the T-accounts relating to equipment that was purchased for cash by a company on the first day of the current year. The equipment was depreciated on a straight-line basis with an estimated useful life of 10 years and a salvage value of $300. Part of the equipment was sold on the last day of the current year for cash proceeds. Cash Jan. 1 Dec. 31 650 Jan. 1 Dec. 31 Equipment 1,300 (a) Dec. 31 640 Accumulated Depreciation-Equipment Dec. 31 100 240 Question 2 of 4 < > Jan. 1 Dec. 31 Dec. 31 Equipment 1,300 Dec. 31 640 Accumulated Depreciation-Equipment Dec. 31 100 100 240 Depreciation Expense (b) Gain on Disposal of Plant Assets Dec. 31 (c) -/25 (a) Prepare the journal entries to record purchase of equipment on January 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 1 What was the cash paid? Dec. 31 eTextbook and Media Cash 650 Jan. 1 Debit Credit