LO3. How are disposals of plant assets recorded a) We sold a piece of equipment for $20,000. The equipment originally cost $15,000, and at the time of the sale had $3,000 in accumulated depreciation. Journalize for the sale of the piece of equipment. Date Accounts and Explanation Debit Credit LO4. How are natural resources accounted for a) What are natural resources and give some examples? b) In your own words, describe what is depletion? Los. How are intangible assets accounted for a) List some examples of intangible assets: i) b) Match the following asset with the related expense: 1. Plant Assets 2. Natural Resources 3. Intangible Assets Depletion Depreciation Amortization LO6. How do we use asset turnover ratio to evaluate business performance a) What is the formula for asset turnover ratio? b) If net sales revenue is $20,000, beginning assets totaled $10,000, and ending assets total $12,000, what is the asset turnover ratio (take to 2 decimal places)