Question 5 of 9 View Policies -/10 Current Attempt in Progress On January 1, 2019, Mogul Ski Resort Ltd. purchased snow making equipment for $116.000 by paying a $23.200 cash down payment and insuing a note payable for the balance. The equipment had an estimated useful life of 10 years and an estimated residual value of $23.200. Mogul uses the straight line-method of depreciation and has a December 31 year end. On October 1, 2001, the equipment was sold for $79,000 cash Prepare the journal entry to record the acquisition of the equipment. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts Date Account Titles and Explanation Jan 1, 2019 eTextbook and Media List of Accounts Debit Credit Record the 2019 and 2020 depreciation at the year-end of Dec. 31. Prepare the journal entries to update the depreciation and record the sale of the equipment on October 1, 2021. (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 titles and enter O for the amounts)