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4) On April 1, 2023, Unicorn Inc. sells machinery for $40,000. The machinery originally cost $155,000 and had an estimated 8-year life with an expected salvage value of $15,000. The Accumulated Depreciation account had a balance of $95,500 on December 31, 2022. a. What is the gain or loss on the date of the sale? (Hint: Don't forget to update depreciation through the date of sale first!) b. What is the journal entry to record this sale? Part 2: Accounts Receivables and Allowance Method 5) Quality Inc. is a large wholesaler of electronics. At the end of 2023, the company's controller estimates 5% of the $185,500 in Accounts Receivable will be uncollectible. a. Write the journal entry to record Bad Debt Expense for the period if the Allowance for Doubtful Accounts has a credit balance of $3,100 before this adjusting entry is posted: b. How does the posting of this journal entry affect the accounting equation? c. What is the Net Realizable Value of Accounts Receivable reported in Spencer Co.'s balance sheet as of Dec. 31, 2023