ew Policies urrent Attempt in Progress Respond to the requirements in each situation. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) On January 1, 2020, Bridgeport Inc. sold computer equipment to Metlock Co. The sales price of the equipment was $513,000 and its carrying amount is $397,000. Record any journal entries necessary for Bridgeport from the sale of the computer equipment in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Debit Credit Date Account Titles and Explanation 1/1/20 e Textbook and Media List of Accounts One 00 TAPMO O tema 9 Use the information from part a. Assume that, on the same day the sale occurred, Bridgeport enters into an agreement to lease the equipment from Metlock for 10 years with annual lease payments of $66,435.89 at the end of each year, beginning on December 31, 2020. If Bridgeport has an incremental borrowing rate of 5% and the equipment has an economic useful life of 10 years, record any journal entries necessary for Bridgeport from the sale and leaseback of computer equipment in 2020. (Credit occount tities are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 5,275.25. Record Journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Use the information from part b. Now, instead of 10 years, the lease term is only 3 years with annual lease payments of $66435.89 at the beginning of each year. Record any journal entries necessary for Bridgeport from the sale and leaseback of computer equipment in 2020. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 5,275.25. Record journal entries in the order presented in the Date Account Titles and Explanation Debit Credit (To record sale of equipment) (To record the lease) (To record lease payment)