MBA 503-09392 - Financial Reporting & Analysis Cathrine Nyarirangwe & I 9/27/19 10:14 AM Homework: 3-1 My AccountingLab: Module Three Homework PART-2 Score: 6.92 of 30 pts 3 of 5 (3 complete) HW Score: 16.92%, 16 92 of 100 pes S3-8 (book/static) Question lepo Suppose that on January 1 Sunbeam Travel Company paid cash of $50,000 for equipment that is expected to remain useful for four years. At the end of four years, the equipments value is expected to be 20 Read the requirements prent, Accumulated 1. Make journal entries to record al purchase of the equipment on January 1 and annual depreciation on December 31 Include dates and explanations, and use the following accounts: E Depreciation Equipment, and Depreciation Expense-Equipment 1a. Record the purchase of the equipment (Record debits first, then credits. Select the explanation on the last line of the jouma entry table) Journal Entry Accounts and Explanation Date Debit Credit 1 Equipment Cash Purchase equipment 1b. Record the entry for the annual depreciation Choose from any est or enter any number in the input fields and then ack Check Answer Clear All SONY "Quick Nav 3 VTTY US Requirements ion 1. Make journal entries to record (a) the purchase of the equipment on January 1 and (b) annual depreciation on December 31. Include dates and explanations, and use the following accounts: Equipment; Accumulated Depreciation Equipment, and Depreciation Expense-Equipment. 2. Post to the accounts and show their balances at December 31 3. What is the equipment's book value at December 31? Print Done at belas and then clck check Answer at Tields and then click Check Answer SONY TI Quick Web Access" TYUNOP