Required:

1. Calculate the accumulated depreciation on the equipment at December 31, 2020.

(3 marks)

2. Prepare the journal entry to record 2021 depreciation on machine 102 up to the date of sale.

(4 marks)

3. Calculate the gain or loss on the sale of machine 102.

(3 marks)

4. Prepare the journal entry for the sale of machine 102.

(4 marks)

5. Prepare the 2021 year-end journal entries to record depreciation on the building and remaining equipment.

(6 marks)

The property, plant, and equipment section of the J&J Company's December 31, 2020, balance sheet contained the following: ? ? Property, plant, and equipment: RM RM Land 126,000 Building 966,000 Less: Accumulated depreciation (230,000) 736,000 Equipment 196,650 Less: Accumulated depreciation Total property, plant, and equipment ? The land and building were purchased at the beginning of 2016. Straight-line depreciation is used and a residual value of RM46,000 for the building is anticipated. The equipment is comprised of the following three machines: Machine Cost (RM) Useful Life (in Years) 101 102 103 76,600 85,400 34,650 Date Acquired 1/1/2018 30/6/2019 1/9/2020 Residual Value (RM) 7,600 8,600 3,600 10 8 9 The straight-line method is used to determine depreciation on the equipment. On March 31,|| 2021, Machine 102 was sold for RM56,500. Early in 2021, the useful life of machine 101 was revised to seven years in total, and the residual value was revised to zero. Show all required workings