Make the necessary journal entries for the following events.

1. On Jan 1, 2016 Hampton purchased equipment at a cost of $400,000. The installation cost $20,000. The equipment has a 10 year life and expected salvage value at the end of 10 years of $20,000

2. On Dec 31, 2010 Hampton determined that the fair value of the equipment was $390,000. No impairments or loss occurs.

3. On Jan 1,2011 Hampton revised the useful life of the computers to a total of 14 years to replace the original assumption of 10 years and the salvage value to $30,000

4. On Dec 31, 2011 Hampton determined that the fair value on the equipment was $320,000 impairment, loss occurs. 5. On March 31, 2012 Hampton sold the equipment for $320,000.