Requirement 1

The options are all the same. Only the big box is fill in the blank the small one isn't.

Requirement 2

First blank isn't fill in the blank

Second blank: gain, loss (fill in the blank)

Third blank isn't a fill in the blank

Last blank: The sales price is greater than the carrying amount, The sales price is less than the carrying amount.(Fill in the blank)

Requirement 3

Debit and credit isn't fill in the blank

The account blanks options are (The options are all the same for each blank)

Requirement three cont.

First blank options: Are unaffected, decrease, increase

Second blank: Are unaffected, decrease, increase

Third Blank: Is unaffected, decrease, increase

Fourth blank: Are unaffected, decrease, increase

5th blank: Are unaffected, decrease, increase

6th blank: Is unaffected, decrease, increase

7th Blank: not fill in the blank

8th blank: Not fill in the blank

9th Blank: less than, more than

10th Blank: not fill in the blank

11th blank: a different, the same

Requirement four:

Only the big blank is fill in the blank. The options are all also the same.

Ir vou enter information as presented and solve for the unknown in each account (Enter amounts in m - Property and equipment data -X Requirements From the balance sheets: 12/31/20 12/31/19 $ 24,360 $ 22,840 Property and equipment Accumulated depreciation (17,230) (15,840) From the investing activities section of the 2020 cash flow statement: Cash used to purchase property and equipment $ (2,280) Proceeds from sale of property and equipment 62 1. T-accounts for Property and Equipment and Accumulated Depreciation have been opened for you. Enter information as presented, and solve for the unknown in each account. 2. Based on your calculations in requirement 1, calculate the carrying amount of assets sold during 2020. What is the difference between the sales price and the carrying amount? 3. Prepare the journal entry for the sale property and equipment during 2020. Describe the effect of this transaction on the financial statements. Compare the sales price and the carrying amount in the journal entry, and compare this to the difference you calculated in requirement 2. Describe briefly. 4. Prepare a T-account for Property and Equipment, Net. Repeat requirement 1. From the 2020 income statement: $ 1,710 Depreciation expense Gain or loss on the sale of equipment ?? Print Done Print Done Requirement 1. T-accounts for Property and Equipment and Accumulated Depreciation have been opened for you. Enter information as presented, and solve for the unknown in each account. (Enter amounts in millions as provided in the problem statement. Abbreviation used: Accum. depr. = Accumulated depreciation.) Begin by posting to the Property and Equipment account. Property and Equipment Now post to the Accumulated Depreciation account. Accumulated Depreciation 12/31/19 Balance 1 12/31/20 Balance account. :cumulated Depreciation Accum. depr. of assets sold Cost of assets sold in 2020 Depreciation during 2020 Purchased during 2020 s in Requirement 1, calculate the carrying amount of assets sold du Requirement 2. Based on your calculations in Requirement 1, calculate the carrying amount of assets sold during 2020. What is the difference between the sales price and the carrying amount? (Enter amounts in millions as provided in the problem statement.) The carrying amount of assets sold during 2020 is $ million. There is a of $ million. This results because Requirement 3. Prepare the journal entry for the sale of property and equipment during 2020. Describe the effect of this transaction on the financial statements. Compare the sales price and the carrying amount in the journal entry, and compare this to the difference you calculated in Requirement 2. Describe briefly. (Enter amounts in millions as provided in the problem statement. Record debits first, then credits. Exclude explanations from any journal entries.) Begin by preparing the journal entry for the sale of property and equipment during 2020. Journal Entry Date Accounts Debit Credit Journal Entry Date Accounts Debit Credit Accumulated Depreciation Describet Cash Compare the sales price and the c Assets ders' equity Reven Depreciation Expense nillion The total This is Gain on Sale of Assets the sales pri nt 2. Loss on Sale of Assets Requirem Net. Repeat Requirement 1. (Ent Property and Equipment nt, Net Describe the effect of this transaction on the financial statements. Compare the sales price and the carrying amount in the journal entry, and compare this to the difference calculated in Requirement 2; describe briefly. Assets liabilities and shareholders' equity V Revenues expenses and net income The total carrying amount of $ million is $ million the sales price of $ million. This is calculation than/(as) in Requirement 2. Requirement 4. Prepare a T-account for Property and Equipment, Net. Repeat Requirement 1. (Enter amounts in millions as provided in the problem statement.) Property and Equipment, Net V 12/31/19 Balance 12/31/20 Balance tements. Compare the sales price and the carrying amount in Accum. depr. of assets sold shareholders' equity Revenues Carrying amount of assets sold in 2020 million the sales price of $ equirement 2. Depreciation during 2020 quipment, Net. Repeat Requirement 1. (Enter amounts in m Purchased during 2020 Equipment, Net