On July 31, 2021, Yellow Ribbon Co purchased equipment at at cost of $500,000. They are estimatine their equiprient will produce 300,000 units over 5 -year useful life and have residulul value of $10,000. The company has December 31 fiscal year end and has a policy of recording 1/2 year depreciation in the year of acquisition the equipment was sold on february 28,2023 for $350,000 c) Following the assumption of straighit line method depreciation, calculate the amount of gaind low on the sale of the equipmest d) Fecord the hournal entry for the above sale, In July 31, 2021, Yellow Fibbon Co purchased equipment at at cost of 5500,000 . They are ertimating their equipment will produce 300,000 uniti over 5 year use ful life and have residul value of $10,000. The company has December 31 fiscal year end and has a policy of recordine 1/2 year depreciation in the year af acquivition The equipoient was sol4 an Ietruary 30, rova for $350,000 il achual unats produced mere 20,000 in roys ans 120,000 in 20n