Question 15 of 19 -/12 E View Policies Current Attempt in Progress Jijang Excavations Ltd. (JEL) operates specialized equipment for installing natural gas pipelines. JEL which has a December 31 year end, began 2020 with a single piece of equipment that had been purchased on January 1, 2017 for $42,000 and a truck that had been purchased on January 1, 2019 for $40,000. When the equipment was purchased, JEL's management had estimated that the equipment would have a residual value of $6,000 and a useful life of six years. When the truck was purchased, management determined that it would have a useful life of four years and a residual value of $5.000, On March 31, 2020, JEL sold this piece of equipment for $32,000 cash. On April 1, 2020, JEL purchased replacement equipment with double the capacity for $54,800 cash. JEL's management determined that this equipment would have a useful life of six years and a residual value of $8,000. Prepare all necessary journal entries for the year ended December 31, 2020. Assume that JEL. uses the straight-line depreciation method for its equipment and the double-diminishing-balance method for its trucks. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account tities and enter for the amounts) Date Account Titles and Explanation Debit Credit Mar. 31 (To record depreciation expense) Mar. 31 (To record sale of equipment) Apr. 1 Question 15 of 19 > -/12 metroaror its equipment anome our minning Dancemernoafor it trUCKS. IL Eccountries are automatically and when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit Mar. 31 (To record depreciation expense) Mar. 31 (To record sale of equipment) Apr. 1 Dec. 31 (To record depreciation expense on equipment) Dec. 31 (To record depreciation expense on truck) e Textbook and Media List of Accounts