Exercise 21A-24 a-c Respond to the requirements in each situation. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) On January 1, 2017, Concord Inc. sold computer equipment to Skysong Co. The sales price of the equipment was $531,000 and its carrying amount is $409,000. Record any journal entries necessary for Concord from the sale of the computer equipment in 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answer to 0 decimal places, e.g. 5,275.)

On January 1, 2017, Concord Inc. sold computer equipment to Skysong Co. The sales price of the equipment was $531,000 and its carrying amount is $409,000. Record any journal entries necessary for Concord from the sale of the computer equipment in 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answer to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit 1/1/17 Cash BEB01 Equipment 409,000 122000 SHOW LIST OF ACCOUNTS LINK TO TEXT Use the information from part (b). Now, instead of 10 years, the lease term is only 3 years with annual lease payments of $72,146 at the beginning of each year. Record any journal entries necessary for Concord from the sale and leaseback of computer equipment in 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to o decimal places, e.g. 5,275.) Debit Credit Date Account Titles and Explanation x 1/1/17T (To record sale of equipment) (To record the lease) (To record lease liability) 12/31/17 (To record the lease) (To record lease liability) WD Dm 12/31/17 On January 1, 2017, Concord Inc. sold computer equipment to Skysong Co. The sales price of the equipment was $531,000 and its carrying amount is $409,000. Record any journal entries necessary for Concord from the sale of the computer equipment in 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answer to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit 1/1/17 Cash BEB01 Equipment 409,000 122000 SHOW LIST OF ACCOUNTS LINK TO TEXT Use the information from part (b). Now, instead of 10 years, the lease term is only 3 years with annual lease payments of $72,146 at the beginning of each year. Record any journal entries necessary for Concord from the sale and leaseback of computer equipment in 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to o decimal places, e.g. 5,275.) Debit Credit Date Account Titles and Explanation x 1/1/17T (To record sale of equipment) (To record the lease) (To record lease liability) 12/31/17 (To record the lease) (To record lease liability) WD Dm 12/31/17