Mercury inc, purchased equipment in 2019 at a cost of $212,000. The equipment was expected to produce 460,000 units over the next five years and have a residual value of $28,000. The equipment was sold for $115,600 part way through 2021. Actual production in each year was: 2019=65,000 units, 2020=104,000 units; 2021=52,000 units. Mercury uses units-of production depreciation, and all depreciation has been recorded through the disposal date. Required: 1. Calculate the gain or loss on the sale. 2. Prepare the joumal entry to record the sale. 3. Assuming that the equipment was instead sold for $143,600, calculate the gain or loss on the sale. 4. Prepare the journal entry to record the sale in requirement 3 , Complete this question by entering your answers in the tabs below. Calculate the gain or loss on the sale. (Do not round intermediate calculations.) Journal entry worksheet ssuming that the equipment was instead sold for $143,600, calculate the gain or loss on the sale. (Do not round itermediate calculations.) Prepare the journal entry to record the sale in requirement 3. (If no entry is required for a transaction/event, select "No jourmal entry required" in the first account field, Do not round intermediate calculations.) Journal entry worksheet I Mercury inc, purchased equipment in 2019 at a cost of $212,000. The equipment was expected to produce 460,000 units over the next five years and have a residual value of $28,000. The equipment was sold for $115,600 part way through 2021. Actual production in each year was: 2019=65,000 units, 2020=104,000 units; 2021=52,000 units. Mercury uses units-of production depreciation, and all depreciation has been recorded through the disposal date. Required: 1. Calculate the gain or loss on the sale. 2. Prepare the joumal entry to record the sale. 3. Assuming that the equipment was instead sold for $143,600, calculate the gain or loss on the sale. 4. Prepare the journal entry to record the sale in requirement 3 , Complete this question by entering your answers in the tabs below. Calculate the gain or loss on the sale. (Do not round intermediate calculations.) Journal entry worksheet ssuming that the equipment was instead sold for $143,600, calculate the gain or loss on the sale. (Do not round itermediate calculations.) Prepare the journal entry to record the sale in requirement 3. (If no entry is required for a transaction/event, select "No jourmal entry required" in the first account field, Do not round intermediate calculations.) Journal entry worksheet