QUESTION 1 (20) (A) Peterson Company exchanged an old equipment on December 31, 2020 with extra cash of $3,200 for a new equipment. The new equipment had a market value of $15,000. cost of $55,000 and accumulated depreciation of $36,000 Required: Prepare the journal entries required to record the exhange of the equipment of Peterson Company on December 31, 2020. Date Account DR CR (B) Vancouver Limited has the following transactions relating to the acquisition of a machine in December. Jan 1 Purchased a machine for $20,000, terms 5/10, 1/30. Jan 1 Paid transportation costs $1,000. Jan 10 Paid installation costs $500. Jan 11 A test run was performed and $50 of materials was consumed. All products are not saleable. Jan 12 First day of operation of the machine. Jan 15 Paid insurance expenses for the next 12 months, $1,200. Jan 20 $70 was spent on purchasing a specially designed supplies for the machine. Jan 30 Paid the supplier for the machine purchased on Jan 5. Aug 1 For safety purposes, a new safety device was added to the machine, $1,500. Dec 29 Annual routine fine-tuning work on the machine was performed. $100. Required: For accounting purposes, calculate the total costs of the machine by complete the following table. Descriptions $