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please answer 2&3. Thanks! 2. The following information was taken from the financial records for Whitlock Industries for the years 2019 and 2020. The balance

please answer 2&3. Thanks!
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2. The following information was taken from the financial records for Whitlock Industries for the years 2019 and 2020. The balance sheet items were recorded at the end of the respective years, and the income statement items are for the specified year. 2020 2019 Equipment $820,000 $720,000 Accumulated Depreciation (240,000) (260,000) Equipment, net 580,000 460,000 Depreciation Expense, Equipment 90,000 80,000 Gain on Sale of Equipment 40,000 34,000 Equipment with a historical cost of $240,000 was sold for cash during 2020. a) How much equipment (dollar value) was purchased during 2020? b) How much cash was collected on the disposal of the equipment assets during 2020? 3. Bedford Manufacturing purchased a machine on March 3, 2011. The machine cost $220,000 fully installed and ready for service. Bedford used the mid-year convention for depreciation. The machine had a 10-year life and a salvage value of $40,000. Bedford sold the machine to Fisk Industries on November 2, 2018 for $117,500 cash. Show the journal entries for the Bedford company records needed on that date to update the depreciation and to record the sale

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