QUESTION 18 Make necessary journal entries for the following events. Assume the firm recognizes depreciation expense annually. 1. On January 1, 2010, Hampton purchased equipment at a cost of $400,000. The installation cost is $20,000. The equipment has a 10 year life and an expected salvage value at the end of 10 years of $20,000. 2. On January 1st, 2011, Hampton revised the useful life of the computers to a total of 14 years to replace the original assumption of 10 years and the salvage value to $30,000. 3. On March 31, 2012, Hampton sold the equipment for $ 320,000. gia V 3 (12pt) - E-T- T" TS T - - Paragraph Arial EE T T T * % DOO Sav DEN 27C Click Save and Submit to save and submit. Click Save All Answers to save all answers. 00 seconds. Question Completion Status: For the following transactions in March, please indicate if each of them involves in income statement account recognitions such as revenues/gains or expenses/losses for March. When giving answers, please indicate the transaction number followed by YES and the amount or No. For example, a). YES, $1,000 ; b). No; so on and so forth. a) Paid wages for two weeks in March. The total cash paid was $500. b) Collected $2,000 on accounts receivables. c) Service were completed for customers. A total of $1,500 was billed for the service but none of it has been paid in March. d) Paid February utilities bill for $100. e) Sold land for $50,000 that has a net book value of $35,000. f) Paid $3,000 for rent for March, April, and May. g) Collects $800 cash from a customer during March for a custom-made suit that the firm will make and deliver to the customer in April. h) Rents space in its store to a travel agency for $9,000 a month, effective March 1. Receives $18,000 cash on March 1 for two months' rent. i) Collects $39,200 cash from customers during March for merchandise sold and delivered in February. T TTF Paraaraph = 3.(120) Arial Save Al Answer: i Submit to save and submit. Click Save All Answers to save all answers. 27C