Parker Corporation reported the following related to property and equipment (all in millions): MOI-LAL. Requirement 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. (Enter amounts in millions as provided in the problem statement. Abbreviation used: Accum. depr. = Accumulated depreciation.) Begin by posting to the Property and Equipment account. X Now post to the Accumulated Depreciation account. There is a A Property and Equipment of $ Requirement 2. Based on your calculations in Requirement 1, calculate the carrying amount of assets sold during 2020. V provided in the problem statement.) The carrying amount of assets sold during 2020 is Accumulated Depreciation $ million. million. This results because Property and equipment data From the balance sheets: $ 12/31/20 Print 24,360 $ (17,230) From the 2020 income statement: Depreciation expense Gain or loss on the sale of equipment Property and equipment Accumulated depreciation From the investing activities section the 2020 cash flow statement: Cash used to purchase property and equipment $ (2,280) Proceeds from sale of property and equipment 62 $ 12/31/19 Done 22,840 (15,840) 1,710 ?? ns as Parker Corporation reported the following related to property and equipment (all in millions): 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 Date of $ Assets 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. Journal Entry Accounts liabilities The total carrying amount of This is $ $ million. million. This results because 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. and shareholders' equity million is Debit Credit Revenues the sales price of $ expenses million calculation than/(as) in Requirement 2. 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 million. and net income 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. Journal Entry Date Assets Accounts 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. liabilities The total carrying amount of This is Debit $ Credit and shareholders' equity Revenues the sales price of $ expenses million is $ million calculation than/(as) in Requirement 2. 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 million. and net income