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Please see the attached.

On May 28, 2021,WildhorseServices purchased equipment for $98,400, giving the supplier a 1-year note at6% (due at maturity) for $80,910, and paid the balance with cash.Wildhorsealso paid Wu Engineering $7,200cash for installing the equipment on May 30. The equipment's useful life was estimated to be five years, with an $18,000residual value. The straight-line method of depreciation is used for equipment andWildhorsehas a calendar year end.

On October 4, 2023, the equipment was destroyed in an accident.Wildhorsereceived $61,700cash as insurance proceeds for the equipment.

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Record the transactions of May 28 and 30, 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 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

2021

May 28

May 30

eTextbook and Media

List of Accounts

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Record the depreciation expense forWildhorsefor the fiscal years ended December 31, 2021 and 2022.(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 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

2021

Dec. 31

2022

Dec. 31

eTextbook and Media

List of Accounts

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Prepare all of the necessary journal entries on October 4, 2023 following the destruction of the asset.(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 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

2023

Oct. 4

(To record depreciation expense)Oct. 4

(To record sale of equipment)

eTextbook and Media

List of Accounts

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Repeat parts (b) and (c) under the assumption thatWildhorseServices used the diminishing balance method, using a rate of20%.(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 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)

Date

Account Titles and Explanation

Debit

Credit

2021

Dec. 31

2022

Dec. 31

2023

Oct. 4

(To record depreciation expense)Oct. 4

(To record sale of equipment)