Parker Corporation reported the following related to property and equipment (all in millions): (Click the icon to view the property and equipment data.) Requirements Property and equipment data Requirement 1. T-account the unknown in each accou depreciation.) From the balance sheets: Begin by posting to the Pro 12/31/20 12/31/19 Property and equipment $ 24,360 $ 22,840 (17,230) (15,840) 12/31/19 Balance Purchased during 2020 Accumulated depreciation From the investing activities section of the 2020 cash flow statement: Cash used to purchase property and equipment Proceeds from sale of property and equipment $ (2,280) 62 12/31/20 Balance Now post to the Accumulat Accum. depr. of assets sol From the 2020 income statement: Depreciation expense Gain or loss on the sale of equipment Print Done 1,710 ?? - ormation as presented, and solve for cum. depr. - Accumulated = Parker Corporation reported the following related to property and equipment (all in millions): (Click the icon to view the property and equipment data.) Requirements Requirements - Requirement 1. T-a the unknown in eac depreciation.) Begin by posting to 12/31/19 Balance Purchased during 12/31/20 Balance Now post to the Acc 1. T-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. 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? 3. Prepare the journal entry for the sale of property and equipment during 2020. Describe the effect of this transaction on the financial statements. Compare the sales price and the carrying amount in the journal entry, and compare this to the difference you calculated in requirement 2. Describe briefly. 4. Prepare a T-account for Property and Equipment, Net. Repeat requirement 1. formation as presented, and solve for Accum. depr. Accumulated Accum. depr. of as Print Done 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 sold during 2020 is $ There is a of $ million. million. This results because Requirement 3. Prepare the journal entry for the sale of property and equipment during 2020. Describe the effect of this transaction on the financial statements. Compare the sales price and the carrying amount in the journal entry, and compare this to the difference you calculated in Requirement 2. Describe briefly. (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 sale of property and equipment during 2020. Date Journal Entry Accounts Debit Credit Describe the effect of this transaction on the financial statements. Compare the sales price and the carrying amount in the journal entry, and compare this to the difference calculated in Requirement 2; describe briefly. Assets income liabilities and shareholders' equity Revenues expenses and net Describe the effect of this transaction on the financial statements. Compare the sales price and the carrying amount in the journal entry, and compare this to the difference calculated in Requirement 2; describe briefly. Assets income liabilities and shareholders' equity Revenues expenses and net The total carrying amount of This is $ million is $ million calculation than/(as) in Requirement 2. the sales price of $ million. Requirement 4. Prepare a T-account for Property and Equipment, Net. Repeat Requirement 1. (Enter amounts in millions as provided in the problem statement.) Property and Equipment, Net