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