Sheridan Co. had a sheet metal cutter that cost $106,000 on January 5, 2016. This old cutter had an estimated life of ten years and a salvage value of $19,000. On April 3, 2021, the old cutter is exchanged for a new cutter with a fair value of $60,000. The exchange lacked commercial substance. Sheridan also received $15,000 cash. Assume that the last fiscal period ended on December 31, 2020, and that straight-line depreciation is used. Presented below is information related to equipment owned by Pronghorn Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $8,400,000 960.000 6,000,000 4,080,000 Assume that Pronghorn will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Demand and Supply 1a. If demand for show tickets is described by the equation Qo-100 - p, and supply is Qs=20+ p, find the equilibrium price and quantity. Show your answer using a graph. Sheridan Co. had a sheet metal cutter that cost $106,000 on January 5, 2016. This old cutter had an estimated life of ten years and a salvage value of $19,000. On April 3, 2021, the old cutter is exchanged for a new cutter with a fair value of $60,000. The exchange lacked commercial substance. Sheridan also received $15,000 cash. Assume that the last fiscal period ended on December 31, 2020, and that straight-line depreciation is used. Presented below is information related to equipment owned by Pronghorn Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $8,400,000 960.000 6,000,000 4,080,000 Assume that Pronghorn will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Demand and Supply 1a. If demand for show tickets is described by the equation Qo-100 - p, and supply is Qs=20+ p, find the equilibrium price and quantity. Show your answer using a graph