On May 28, 2021, Sheridan Services purchased equipment for $102,000, giving the supplier a 1-year note at 6% (due at maturity for $79,680, and paid the balance with cash Sheridan also paid Wu Engineering $5,400 cash for installing the equipment on May 30. The equipment's useful life was estimated to be five years, with an $19,200 residual value. The straight-line method of depreciation is used for equipment and Sheridan has a calendar year end On October 4, 2023, the equipment was destroyed in an accident. Sheridan received $61.910 cash as insurance proceeds for the equipment Record the transactions of May 28 and 30, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit 2021 May 28 Equipment 102000 Notes Payable 79630 Cash 5,400 May 30 Equipment 10200 Cash 22320 eTextbook and Media List of Accounts Your answer is partially correct. Record the depreciation expense for Sheridan for the fiscal years ended December 31, 2021 and 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation 2021 Dec. 31 Depreciation Expense 10770 Accumulated Depreciation - Equipment 10770 2022 Dec. 31 Depreciation Expense 18200 Accumulated Depreciation Equipment 18200 e Textbook and Media List of Accounts . . Your answer is partially correct. Prepare all of the necessary journal entries on October 4, 2023 following the destruction of the asset. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit 2023 Oct. 4 Depreciation Expense 13812 Accumulated Depreciation - Equipment 13812 (To record depredation expense) Oct. 4 Cash 42782 1000 DO Accumulated Depreciation Equipment 61730 Loss on Disposal 4488 Equipment 10900C (To record sale of equipment) eTextbook and Media List of Accounts Your answer is partially correct. Repeat parts (b) and (c) under the assumption that Sheridan Services used the diminishing balance method, using a rate of 20% (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account tities and enter for the amounts. Round answers to decimal places.cg. 5.275.) Date Account Titles and Explanation Debit Credit 2021 Dec. 31 Depreciation Expense 12901 Accumulated Depreciation Equipment 12901 2022 Dec. 31 Depreciation Expense 19220 Accumulated Depreciation Equipment 19220 2023 Oct. 4 Depreciation Expense 11669 Accumulated Depreciation Equipment 11669 (To record depredation expense) Oct. 4 Cash 43789 Accumulated Depreciation - Equipment 61730 Loss on Disposal 3481 Equipment 10900C