Requirements 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 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. 4. Prepare a T-account for Property and Equipment, Net. Repeat requirement 1. Property and equipment data From the balance sheets: 12/31/20 12/31/19 Property and equipment $ 24,360 $ 22,840 Accumulated depreciation (17,230) (15,840) From the investing activities section of the 2020 cash flow statement: Cash used to purchase property and equipment Proceeds from sale of property and equipment $ (2,280) 62 From the 2020 income statement: Depreciation expense $ 1,710 Gain or loss on the sale of equipment