Respond to the requirements in each situation. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) (a) Your answer is correct. On January 1, 2020, Flounder Inc. sold computer equipment to Shamrock Co. The sales price of the equipment was $515,000 and its carrying amount is $398,000. Record any journal entries necessary for Flounder from the sale of the computer equipment in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 1/1/20 TCash 515000 T Gain on Disposal of Equl T EEEEE 117000) Equipment 398000) Your answer is partially correct. Try again. Use the information from part a. Assume that, on the same day the sale occurred, Flounder enters into an agreement to lease the equipment from Shamrock for 10 years with annual lease payments of $66,694.90 at the end of each year, beginning on December 31, 2020. If Flounder has an incremental borrowing rate of 5% and the equipment has an economic useful life of 10 years, record any journal entries necessary for Flounder from the sale and leaseback of computer equipment in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 5,275.25. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 1/1/20 Leased Asset 515000 5150001 12/31/20 9 Lease Liability Interest Expense 40745 25750) 7 cash 66495 Click if you would like to Show Work for this question: Open Show Work