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Question No 1: ) On January 1, 2012, Skyline Limousine Co. purchased a limo at an acquisition cost of $28,000. The vehicle has been depreciated by the straight-line method using a 4-year service life and a $4,000 salvage value. The company's fiscal year ends on December 31. Requirements: (Marks 8) Prepare the journal entry or entries to record the disposal of the limousine assuming that it was a. Retired and scrapped with no salvage value on Jamiary 1, 2016. b. Sold for $5,000 on July 1, 2015. c. Sold for $3,000 January 1, 2016. (1) Edmund Companyexchanges old delivery equipment for new delivery equipment. The book value of the old delivery equipment is $31,000 (cost $61,000 less accumulated depreciation $30,000). Its fair value is $19,000, and cash of $5,000 is paid. Prepare the entry to record the exchange, assuming the transaction has commercial substance. (Marks 4)