Please explain how you got the answers, thank you.

Www Morris Inc. recorded the following transactions over the life of a piece of equipment purchased in Year 1: jan. 1, Year 1 Purchased equipent for $14,200 cash. The equipment was estimated to have a five-year life and $5,898 salvage value and was to be depreciated using the straight-line methad. Dec. 31, Year 1 Recorded depreciation expense for Year 1. Sept. 30, Year 2 Undertook routine repairs casting $763. Dec. 31, Year 2 Recorded depreciation expense for Year 2. Jan. 1, Year 3 Made an adjustment casting $2,858 to the equipment. It improved the quality of the output but did not affect the life and salvage value estimates. Dec. 31, Year 3 Recorded depreciation expense for Year 3. Jun. 1, Year 4 Incurred $396 cost to oil and clean the equipment. Dec. 31, Year 4 Recorded depreciation expense for Year 4. jan. 1, Year 5 Had the equipnent completely overhauled at a cost of $7,490. The overhaul was estimated to extend the total life to seven years. The salvage value did not change. Dec. 31, Year 5 Recorded depreciation expense for Year 5. Oct. 1, Year 6 Received and accepted an offer of $15,500 for the equipment. Required a. Use a horizontal statements model like the following one to show the net effects of these transactions on the elements of the financial statements. The first event is recorded as an example. (Use + for increase or - for decrease. In the Cash Flow column. indicate whether the item is an operating activity (OA), an investing activity (IA), or a financing activity (FA). Columns for events that have no effect on any of the elements should be left blank.) b. Determine the amount of depreciation expense to be reported on the income statements for the years Year 1 through Year 6. c. Determine the book value (cost-accumulated depreciation) Morris will report on the balance sheets at the end of the years Year 1 through Year 5. d. Determine the amount of the gain or loss Morris will report on the disposal of the equipment on October 1, Year 6. Complete this question by entering your answers in the tabs below. Required A Required Required c Requined Determine the amount of depreciation expense to be reported on the income statements for the years year I through year 6. (Round your answers to nearest dollar amount.) Year Depreciation Expense Year 1 s 1,684 Year 2 $ 1,664 Year 3 $ 2,614 Year 4 $ 2,614 Year 5 Year 6 Www Morris Inc. recorded the following transactions over the life of a piece of equipment purchased in Year 1: jan. 1, Year 1 Purchased equipent for $14,200 cash. The equipment was estimated to have a five-year life and $5,898 salvage value and was to be depreciated using the straight-line methad. Dec. 31, Year 1 Recorded depreciation expense for Year 1. Sept. 30, Year 2 Undertook routine repairs casting $763. Dec. 31, Year 2 Recorded depreciation expense for Year 2. Jan. 1, Year 3 Made an adjustment casting $2,858 to the equipment. It improved the quality of the output but did not affect the life and salvage value estimates. Dec. 31, Year 3 Recorded depreciation expense for Year 3. Jun. 1, Year 4 Incurred $396 cost to oil and clean the equipment. Dec. 31, Year 4 Recorded depreciation expense for Year 4. jan. 1, Year 5 Had the equipnent completely overhauled at a cost of $7,498. The overhaul was estimated to extend the total life to seven years. The salvage value did not change. Dec. 31, Year 5 Recorded depreciation expense for Year 5. Oct. 1, Year 6 Received and accepted an offer of $15,500 for the equipment. Required a. Use a horizontal statements model like the following one to show the net effects of these transactions on the elements of the financial statements. The first event is recorded as an example. (Use +for increase or - for decrease. In the Cash Flow column indicate whether the item is an operating activity (OA), an investing activity (IA), or a financing activity (FA). Columns for events that have no effect on any of the elements should be left blank.) b. Determine the amount of depreciation expense to be reported on the income statements for the years Year 1 through Year 6. c. Determine the book value (cost-accumulated depreciation) Morris will report on the balance sheets at the end of the years Year 1 through Year 5. d. Determine the amount of the gain or loss Morris will report on the disposal of the equipment on October 1, Year 6. Complete this question by entering your answers in the tabs below. Required A Required Required c Required D Determine the book value (cost - accumulated depreciation) Morris will report on the balance sheets at the end of the years Year 1 through Year 5. (Round intermediate calculations and final answers to nearest dollar amount.) Year Book Value Year 1 Year 2 Year Year 4 Year 5 Required B Required D > Www Morris Inc. recorded the following transactions over the life of a piece of equipment purchased in Year 1: jan. 1, Year 1 Purchased equipent for $14,200 cash. The equipment was estimated to have a five-year life and $5,898 salvage value and was to be depreciated using the straight-line methad. Dec. 31, Year 1 Recorded depreciation expense for Year 1. Sept. 30, Year 2 Undertook routine repairs casting $763. Dec. 31, Year 2 Recorded depreciation expense for Year 2. Jan. 1, Year 3 Made an adjustment casting $2,858 to the equipment. It improved the quality of the output but did not affect the life and salvage value estimates. Dec. 31, Year 3 Recorded depreciation expense for Year 3. Jun. 1, Year 4 Incurred $396 cost to oil and clean the equipment. Dec. 31, Year 4 Recorded depreciation expense for Year 4. jan. 1, Year 5 Had the equipnent completely overhauled at a cost of $7,498. The overhaul was estimated to extend the total life to seven years. The salvage value did not change. Dec. 31, Year 5 Recorded depreciation expense for Year 5. Oct. 1, Year 6 Received and accepted an offer of $15,500 for the equipment. Required a. Use a horizontal statements model like the following one to show the net effects of these transactions on the elements of the financial statements. The first event is recorded as an example. (Use + for increase or - for decrease. In the Cash Flow column. indicate whether the item is an operating activity (OA), an investing activity (IA), or a financing activity (FA). Columns for events that have no effect on any of the elements should be left blank.) b. Determine the amount of depreciation expense to be reported on the income statements for the years Yeur 1 through Year 6. c. Determine the book value (cost-accumulated depreciation) Morris will report on the balance sheets at the end of the years Year 1 through Year 5. d. Determine the amount of the gain or loss Morris will report on the disposal of the equipment on October 1, Year 6. Complete this question by entering your answers in the tabs below. Required A Required Required Required D Determine the amount of the gain or loss Morris will report on the disposal of the equipment on October 1, Year 5. (Round Intermediate calculations and final answer to nearest dollar amount. Loss amount should be indicated with a minus sign.) Gain on sale