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 $320. Part of the equipment was sold on the last day of the current year for cash proceeds. Cash Jan. 1 Dec. 31 670 Jan. 1 Dec. 31 Dec. 31 (a) Equipment 1,320 (a) Dec. 31 660 Accumulated Depreciation-Equipment Dec. 31 100 260 Depreciation Expense (b) Gain on Disposal of Plant Assets Dec. 31 (c) 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 Depreciation Expense Accumulated Depreciation-Equipment What was the cash paid? Dec. 31 Cash Debit 670 Jan. 1 10 eTextbook and Media List of Accounts Save for Later Last saved 31 seconds ago. Saved work will be auto-submitted on the due date. Auto- 100 Credit 100 Attempts: 0 of 3 used Submit Answer