On January 1, 2020, at the start of its fiscal year, Prescott Bakery had the following accounts and balances (assume normal balances) Equipment (useful life 8 years) Accumulated Amortization - Equipment Land Building (useful life 30 years) Accumulated Amortization - Building $100,000 25,000 200,000 150,000 10,000 Note: amortization is only recorded at year-end and there is no residual value estimated on the above items. Prescott uses the straight-line amortization method for the above items. Requirement #1: On January 1, 2020, Prescott sold the equipment for $60,000 cash. Record the journal entry below: Account Name Debit Credit Date Jan. 1 Requirement #2: On April 1, 2020, Prescott purchased new computers for $120,000 cash. These new computers have an estimated useful life of 10 years, a $20,000 residual value, and will be amortized using the double-declining balance method. Record the April 1"journal entry below: Account Name Debit Credit Date April 1 Requirement #3: It is now December 31, 2020. Record all the necessary amortization expense adjusting journal entries for Prescott: Account Name Date Dec. 31 Debit Credit