Parker Corporation reported the following related to property and equipment (all in mos (Click the icon to view the property and equipment data) Requirement 1. accounts for Property and Equipment and Accumulated Depreciation have been opened for you Enter information as presented, and solve for the unknown in each account (Enter amounts in millions as provided in the problem statement. Abbreviation used. Accum depr.- Accumulated depreciation) Begin by posting to the Property and Equment account Property and Equment Now post to the Accumulated Depreciation account Accumulated Depreciat Requirement 2. Based on your calculations as Hegment 1, calculate the carrying amount of assets sold during 2020 what the difference between the sales price and the carrying amount? Enter amounts in millions as provided in the problem statement Parker Corporation reported the following related to property and equipment (all in milliom)) (Click the icon to view the property and equipment data) Rent Requirement 2. Based on your calculations in Requirement 1, calculate the carrying amount of assets sold during 2020 What is the difference between the sales price and the carrying amount) (Enter amounts in millions as provided in the problem statement) The carrying amount of assets soid during 2000 There a Jes Requirement 3. are the journal entry for the sale of property and equement during 2000 Describe the effect of this tamsaction on the tnancial statements Compare the sales price and the carrying amount in the joumal entry, and compare this to the difference you calculated in Regarement 2 Describe tney (Enter amounts in millions as provided in the problem statement Record debits first then credits Exclude explanations from any journal entries) Begin by preparing the journal entry for the sate of property and equipment during 20201 Date Journal Entry Accounts Debit Credit Descrte no effect of the tamaton on the financial stelemans Compare the sales price and the carrying amount the mal dry and compare to the difference calcunded in Requirement, desobe Parker Corporation reported the following related to property and equipment (all in million) (Click the icon to view the property and equipment data) Requirements Describe the effect of the tramaction on the financial statements Compare the sales price and the carrying amount in the journal entry and compare this to the difference calculated in Regurement 2, describe Aut and shareholders' epaty The total cairying amount of TA calculation than) Regurement 2 Revenue and income Requirement & Prepare a Taccount for Property and Equipment Not Repeat fegurement 1 (Enter amounts in milions as provided in the problem statement) Property and grenent Ni (Click the icon to view the property and equipment data ) Requirements Property and equipment data From the balance sheets 12/31/20 12/31/19 Property and equipment $ 24,360 $ 22,840 Accumulated depreciation (17,230) (15.840) Describe the effect of this transac briefly From the investing activities section of the 2020 cash flow statement Cash used to purchase property and equipment S (2,280) Proceeds from sale of property and equipment 62 Assets liabilitie From the 2020 income statement The total carrying amount of This is Depreciation expense $ 1.710 Gain or loss on the sale of equipment ?? Requirement 4. Prepare a T-acc Print Done - X try, and compare this to the difference calculated and net income vided in the problem statement.)