Lopez & Company, located in the beautiful Puget Sound, provided the following post-closing trial balance for the year ended December 31, 2022 Cash Accounts Receivable ACCOUNT Allowance for doubtful accounts Inventory Equipment Accumulated Depreciation - Equipment Accounts Payable Capital, Lopez TOTAL ADDITIONAL INFORMATION: CREDIT DEBIT $ 72,000 110,000 $ 8,250 56,000 300,000 107,000 137,500 285,250 538,000 $ 538,000 The equipment shown on the trial balance consists of: Date of Depreciation Equipment Original Cost Useful Life Purchase Method Salvage Value A $100,000 01/01/2019 Straight line 10 years B $140,000 01/01/2019 Straight line 10 years Zero $10,000 C $60,000 01/07/2020 Straight line 10 years Zero Total $300,000 During the fiscal year 2023, the company had the following transactions related to its equipment 1. March 1, 2023: Paid $45,000 to expand the production capacity of equipment C. This doubled the production capacity from 10,000 units per day to 20,000 units per day. The useful life of the equipment remains unchanged. 2. March 31, 2023: Paid $4,500 as regular maintenance for all three machines. The cost is divided equally among the 3 machines 3. August 31, 2023: Due to increased demand, purchased a fourth equipment (Equipment D). The invoice price was $100,000 with terms 2/10, n/60 FOB shipping point. The company paid $3,000 for shipping and another $4,000 to install the equipment. The invoice was paid within the discount period. The estimated useful life is 10 years with zero salvage value. REQUIRED (a) What is the total cost of the four equipment as at December 31, 2023 (b) What is the total depreciation expense for the four equipment for the year ended December 31, 2023 (c) What is the total accumulated depreciation for the four equipment as at December 31, 2023 (d) What is the net book value of the four equipment as at December 31, 2023 (e) Assume that equipment B was sold for $74.000 on January 1, 2024. Record the resulting journal entry EQUIPMENT COST A DEPRECIATION ACCUMULATED EXPENSE FOR 2023 DEPRECIATION NET BOOK VALUE B C 3. August 31, 2023: Due to increased demand, purchased a terms 2/10, n/60 FOB shipping point. The company paid $3,000 for shipping and another $4,000 to install th invoice was paid within the discount period. The estimated useful life is 10 years with zero salvage value. REQUIRED (a) What is the total cost of the four equipment as at December 31, 2023 (b) What is the total depreciation expense for the four equipment for the year ended December 31, 2023 (c) What is the total accumulated depreciation for the four equipment as at December 31, 2023 (d) What is the net book value of the four equipment as at December 31, 2023 (e) Assume that equipment B was sold for $74,000 on January 1, 2024. Record the resulting journal entry. EQUIPMENT COST DEPRECIATION EXPENSE FOR 2023 ACCUMULATED DEPRECIATION NET BOOK VALUE A B C D TOTAL $ 0 0 $ 0 $ 0 View transaction list Journal entry worksheet View transaction list Journal entry worksheet 1 Assume that equipment B was sold for $74,000 on January 1, 2024. Record the resulting journal entry. Note: Enter debits before credits.. S.No/Date 1 Account Title Debit Credit Record entry Clear entry View general Journal