Inition related to the long-term oporating assets of Novak Retail Distributors, Inc. at December 31, 2022, is as follows: (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 2023: (Click the icon to view the events.) Read the requirements Requirement a. Prepare the joumal 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 joumal entries.) Event 1. On February 1, 2023, Novak sold the vehicles to Varied Produce, Inc. for $11,000. First prepare the joumal 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, 2023 Now prepare the journal entry to record the sale of the vehicles. Account February 1, 2023 Event 2. On March 31, 2023, all of Novak's equipment and machinery was destroyed by a fire in one of its facilities First prepare the journal entry to recognize depreciation expense on the equipment and machinery up to the date of the fire. (Prepare a coumpound entry.) Account March 31, 2023 Data table Balance Sheet Category Accumulated Depreciation Estimated Estimated Residual Cost Through 12/31/2022 Useful Life Value Equipment $ 550,000 $ 352,000 5 Years $ Machinery 198,500 156,000 5 Years Vehicles 212,800 90,000 7 Years Leasehold Improvements 86,000 17,200 5 Years Building 12,300,000 3,300,000 20 Years Depreciation Method 10,000 Double-declining balance 3,500 Straight-line 2,800 Straight-line -0- Straight-line 1,300,000 Straight-line Land 5,360,000 N/A N/A N/A N/A More info 1. On February 1, Novak sold the vehicles to Varied Produce, Inc. for $11,000. 2. On March 31, all of Novak's equipment and machinery was destroyed by a fire in one of its facilities. 3. On May 1, the equipment was replaced at a cost of $570,000 and the machinery cost the company $264,500 to replace. The estimated useful lives and residual values remained the same as specified for the original machinery and equipment. The company paid cash for the new assets. Information related to the long-term operating assets of Novak Retail Distributors, Inc. at December 31, 2022, is as follows: (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 2023: Click the icon to view the events.) Read the requirements. Event 2. On March 31, 2023, all of Novak's equipment and machinery was destroyed by a fire in one of its facilities. First prepare the journal entry to recognize depreciation expense on the equipment and machinery up to the date of the fire. (Prepare a coumpound entry.) March 31, 2023 Account Prepare the journal entry to record the derecognition of the equipment. Do not record the derecognition of the machinery. We will do that in the next step. Account March 31, 2023 Prepare the journal entry to record the derecognition of the machinery. Account March 31, 2023 Information related to the long-term operating assets of Novak Retail Distributors, Inc. at December 31, 2022, is as follows: (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 2023: Click the icon to view the events.) Read the requirements Event 3. On May 1, 2023, the equipment was replaced at a cost of $570,000 and the machinery cost the company $264,500 to replace. The estimated useful lives and residual values remained the same as specified for the original machinery and equipment. The company paid cash for the new assets. Account May 1, 2023 Prepare the journal entry required to record depreciation expense at the end of the year. (Round your answers to the nearest whole dollar.) Account December 31, 2023 Requirement b. Determine the ending net book value of Novak's long-term operating assets on its December 31, 2023, balance sheet. Show the balance for each asset individually and in total. (If an input field is not used in the table, leave the field empty; do not enter a zero.) Information related to the long-term operating assets of Novak Retail Distributors, Inc. at December 31, 2022, is as follows: (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 2023: Click the icon to view the events) Read the requirements. CLEOP wwwww Requirement b. Determine the ending net book value of Novak's long-term operating assets on its December 31, 2023, balance sheet. Show the balance for each asset individually and in total. (f an input field is not used in the table, leave the field empty; do not enter a zero.) Ending Totals Current Beginning Net Book Asset Cost Value Depreciation Accumulated Amortization Depreciation/ Expense Amortization Ending: Net Book Value