last 3 digits of student number :956

Ricky Corporation purchased equipment on January 1, 2016 for $168,XXX. It is estimated that the equipment will have a $14,000 residual value at the end of its 8-year useful life. It is also estimated that the equipment will produce 110,000 units over its 8- year life. Round the rate per unit to two decimals. On December 31, 2018, Ricky sells the equipment for $85,000. Ricky produced 20,000 units in 2016, 24,000 units in 2017 and 22,000 units in 2018. Replace XXX with the last three digits of your student number. Instructions (a) Determine the carrying amount of the equipment at December 31, 2018 using the units-of-production method of depreciation. (b) Prepare the appropriate journal entry for the sale of the equipment