Question 1 (5 points) End Blast production showed the following selected asset balances on Dec 31, 2020 Land $396,800 = = Building $526,400 Accumulated Depreciation, Building1 = 393,600 = Equipment 171,200 Accumulated Depreciation, equipment2 = 74,400 - Notes 1. Remaining estimated useful life is 8 years with a residual value of $80,000: depreciation using straight line method 2. Total estimated useful life is 10 years with a residual value of $16000; depreciated using double declining method Required: Prepare the entries for each of the following 1. The land and building were sold on September 27, 2021, for $592,000 cash 2. The equipment was sold on November 2, 2021 for $56,800 cash