On January 1 of the current year, Herkimer \& Co. purchases a group of seven laptops for its new hires. The laptops are purchased for $2,300 each with a residual value of $500 agch Herkimer expects the laptops to be used for 3 years. At the end of the current year, Herkimer 8 Co. sells two laptops for $1,800 each. Roquired: Prepare the joumal entries to record the purchase of the laptops, the depreciation on the laptops, and the sale of the laptops in Year 1. Prepare the joumal entries to record the purchase of the laptops on January 1 , and the depreciation for the year and salo of the laptops at December 31 . GENERAL JOURNAL Chart of Accounts CHART OF ACCOUNTS Herkimer \& Co. General Ledger \begin{tabular}{lc} \multicolumn{1}{c}{ ASSETS } & REVENUE \\ 111 Cash & 411 Sales Revenue \\ 121 Accounts Receivable & \\ 141 Inventory & EXPENSES \\ 152 Prepaid Insurance & 500 Cost of Goods Sold \\ 180 Laptops & 511 Insurance Expense \\ 198 Accumulated Depreciation & 512 Utilities Expense \end{tabular} Chart of Accounts LIABILITIES211AccountsPayable221NotesPayable224InterestPayable231SalariesPayable521SalariesExpense531DepreciationExpense532BadDebtExpense559MiscellaneousExpenses EQUITY 311 Common Stock 331 Retained Earnings