On January 1, 2017, Sheffield Inc. sold computer equipment to Sage Hill Co. The sales price of the equipment was $514,000 and its carrying amount is $406,000. Record any journal entries necessary for Sheffield from the sale of the computer equipment in 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answer to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit 1/1/17 Cash 514000 Gain on Disposal of Equipment 108000 Equipment 406000 Equipment Use the information from part (a). Assume that, on the same day the sale occurred, Sheffield enters into an agreement to lease the equipment from Sage Hill for 10 years with annual lease payments of $69,836 at the end of each year, beginning on December 31, 2017. If Sheffield has an incremental borrowing rate of 6% and the equipment has an economic useful life of 10 years, record any ournal entries necessary for Sheffield from the sale and leaseback of computer equipment in 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit 12/31/17 Date Account Titles and Explanation Debit Credit 1/1/17 Cash 514000 Gain on Disposal of Equipment 108000 Equipment To record sale of equipment) Right-of-Use Asset 406000 197873 Lease Liability lohe: ksxx) Lease Liability 197873 197873 Cash 197873 (To record lease liability,) 12/31/17 Lease Expense Lease Liability Right-of-Use Asset