= Homework: Week Three Question 11, P11-6 (simil... Part 1 of 8 HW Score: 0%, 0 of 22 points Score: 0 of 1 O Save Information related to the long-term operating assets of Carney Retail Distributors, Inc. at December 31, 2018, is as follows: B (Click the icon to view the long-term operating assets.) The fiscal year end of the company is December 31. The following events occurred during 2019: (Click the icon to view the events.) Read the requirements. Requirement a. Prepare the journal entries required to record each of the above events and to record depreciation expense at the end of the year. (Record debits first, then credits. Exclude explanations from any journal entries.) Event 1. On February 1, 2019, Carney sold the vehicles to Major Produce, Inc. for $16,000. First prepare the journal entry to recognize depreciation expense on the vehicles up to the date of sale. (Round your answer to the nearest whole dollar.) Account February 1, 2019 - X Data Table Estimated Balance Sheet Estimated Residual Depreciation Method Category Useful Life Value Requirements Equipment 5 Years $ Accumulated Depreciation Cost Through 12/31/2018 $ 900,000 $ 576,000 $ 250,800 140,000 $ 129.000 63,000 $ 81,600 27,200 $ 15,975.000 3,450,000 $ 3,960,000 N/A 7 Years 6 Years Machinery Vehicles Leasehold Improvements Building Land a. Prepare the journal entries required to record each of the above events and to record depreciation expense at the end of the year. b. Determine the ending net book value of Carney's long-term operating assets on its December 31, 2019, balance sheet. Show the balance for each asset individually and in total. 65,000 Double-declining balance 5,800 Straight-line 3,000 Straight-line - 0 - Straight-line 1,600,000 Straight-line N/A N/A 3 Years 25 Years N/A Point Print Done inswer Print Done Type here to search o i a 0 10:08 PM 8/23/2021 C 80F Partly cloudy