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Mercury Company purchased equipment and paid the following items during the year: Purchase price of the equipment $ 45,000 Delivery of the equipment 500 Demolition of wall so equipment would fit in the factory 3,000 Installation of the equipment 1,500 Test run of the equipment to insure proper alignment 700 Quarterly servicing of the equipment 2,000 Replacement of the air filter What is the proper amount that should be recorded in the Equipment account? (4 points) 300 Neptune Co. has a machine that cost $425,000 on March 1, Year 1. This machine had an estimated life of ten years and a salvage value of $25,000. On December 31, Year 3, the machine is sold for $270,000. Neptune uses the straight-line method of depreciation and calculates depreciation monthly. Prepare the journal entry to record this transaction. (5 points)