On May 28, 2021, Sunland Services purchased equipment for $99,600, giving the supplier a 1-year note at 7% (due at maturity) for $80,600, and paid the balance with cash. Sunland also paid Wu Engineering $6,000 cash for installing the equipment on May 30. The equipments useful life was estimated to be five years, with an $18,000 residual value. The straight-line method of depreciation is used for equipment and Sunland has a calendar year end. On October 4, 2023, the equipment was destroyed in an accident. Sunland received $61,580 cash as insurance proceeds for the equipment.

(a)

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 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
2021
May 28
May 30

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List of Accounts

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(b)

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(c)

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(d)

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