Problem #3: On January 1, 2014, Skyview Limo Co purchased a limousine at an acquisition cost of $28,000. Skyview depreciated the vehicle 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. Required: Prepare the journal entry or entries to record the disposal of the limousine, assuming that it was: 1. Retired and scrapped with no proceeds on January 1, 2018. Account Title Debit Credit 2. Sold for $5,000 on July 1, 2017 Account Title Debit Credit Problem #4: Company A and Company B, two companies of approximately the same size and in same industry. Each company depreciates it plant assets (ie., PPE) using the straight-line method. An investigation of their financial statements reveals the information shown below.: Company A Company B Net Income $ 240,000 $ 300,000 Sales revenue 1,150,000 1,200,000 Total assets (average) 3,200,000 3,000,000 Plant assets (average) 2,400,000 1,800,000 Intangible assets (goodwill) 300,000 a. For each company, calculate these values: Company A Company B Return on assets Profit margin Asset turnover b. Based on your calculations in part (a), comment on the relative effectiveness of the two companies in using their assets to generate sales. What factors complicate your ability to compare the two companies