On January 1, 20x1, the Daytona Auto Parts Company acquired five identical assembly robots for a total of $450,000 cash. The robots had an expected useful life of 5 years and an expected residual value of $45,000 in total. Daytona uses straight-line depreciation Requirements 1. Prepare the journal entries for the acquisition and for the first annual depreciation charge. Post to T-accounts. 2 On December 31, 20X3, Daytona sold one of the robots for $30,400 in cash. The robot had an original cost of $90,000 and an expected residual value of $9,000. Prepare the journal entry for the sale. 3 Refer to requirement 2. Suppose Daytona had sold the robot for $47,400 cash instead of $30,400. Prepare the journal entry for the sale. Requirement 1. Prepare the journal entries for the acquisition and for the first annual depreciation charge. Post to T-accounts. (Record debits first, then credits. Explanations are not required.) Begin by preparing the journal entry for the acquisition. Accounts Debit Credit Record the journal entry for the first annual depreciation charge. Accounts Debit Credit Now post the journal entries for the acquisition and for the first annual depreciation charge to the T-accounts. Cash Equipment Depreciation expense, equipment Accumulated depreciation, equipment Requirement 2. On December 31, 20X3, Daytona sold one of the robots for $30,400 in cash. The robot had an original cost of $90,000 and an expected residual value of $9,000. Prepare the journal entry for the sale. (Record debits first, then credits. Explanations are not required.) Accounts Debit Credit Requirement 3. Refer to requirement 2. Suppose Daytona had sold the robot for $47,400 cash instead of $30,400. Prepare the journal entry for the sale. (Record debits first, then credits. Explanations are not required.) Accounts Debit Credit