Exercise 9-9 (Part Level Submission) 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 $80. Part of the equipment was sold on the last day of the current year for cash proceeds. Dec. 31 Jan. 1 Cash Jan. 1 430 Equipment 1,000 Dec. 31 Accumulated Depreciation-Equipment Dec. 31 30 Dec. 31 Depreciation Expense (6) Gain on Disposal of Plant Assets Dec. 31 Dec. 31 Dec. 31 (a) Your answer is correct. 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 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 Equipment Cash 1,000 What was the cash paid? Cash Dec. 31 430 Jan. 1 2,000| Click if you would like to Show Work for this question: Open Show Work (b) Your answer is partially correct. Try again. Prepare the journal entry to record depreciation recorded on December 31. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Accumulated Depreciation Equipment T Cash T 30 What was the depreciation expense? Depreciation Expense Dec. 31 T 30 Click if you would like to show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT