Shown below are the T accounts relating to equipment that was purchased for cash by a company on the first day of the current year. The T accounts show the balance in the accounts on January 1 along with the effects of transactions recorded on December 31 of the current year. The equipment was depreciated on a straight-line basis with an estimated useful life of 10 years and a residual value of $300. Part of the equipment was sold on the last day of the current year for cash proceeds while the remaining equipment that was not sold became impaired. Reconstruct the journal entries to record the following and derive the missing amounts: (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 1	enter an account title for the adjusting entry on January 1	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry on January 1	enter a debit amount	enter a credit amount
Dec. 31	enter an account title to record depreciation expense on september 1	enter a debit amount	enter a credit amount
	enter an account title to record depreciation expense on september 1	enter a debit amount	enter a credit amount
Dec. 31	enter an account title To record the sale of equipment for cash	enter a debit amount	enter a credit amount
	enter an account title To record the sale of equipment for cash	enter a debit amount	enter a credit amount
	enter an account title To record the sale of equipment for cash	enter a debit amount	enter a credit amount
	enter an account title To record the sale of equipment for cash	enter a debit amount	enter a credit amount
Dec. 31	enter an account title To record depreciation expense on december 31	enter a debit amount	enter a credit amount
	enter an account title To record depreciation expense on december 31	enter a debit amount	enter a credit amount

(a)

Purchase of equipment on January 1. What was the cash paid?

(b)

Depreciation recorded on December 31. What was the depreciation expense?

(c)

Sale of part of the equipment on December 31. What was the gain on disposal?

(d)

Partial impairment loss on the remaining equipment on December 31. What was the impairment loss?Shown below are the T accounts relating to equipment that was purchased for cash by a company on the first day of the current year. The T accounts show the balance in the accounts on January 1 along with the effects of transactions recorded on December 31 of the current year. The equipment was depreciated on a straight-line basis with an estimated useful life of 10 years and a residual value of $300. Part of the equipment was sold on the last day of the current year for cash proceeds while the remaining equipment that was not sold became impaired. Reconstruct the journal entries to record the following and derive the missing amounts: (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 1	enter an account title for the adjusting entry on January 1	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry on January 1	enter a debit amount	enter a credit amount
Dec. 31	enter an account title to record depreciation expense on september 1	enter a debit amount	enter a credit amount
	enter an account title to record depreciation expense on september 1	enter a debit amount	enter a credit amount
Dec. 31	enter an account title To record the sale of equipment for cash	enter a debit amount	enter a credit amount
	enter an account title To record the sale of equipment for cash	enter a debit amount	enter a credit amount
	enter an account title To record the sale of equipment for cash	enter a debit amount	enter a credit amount
	enter an account title To record the sale of equipment for cash	enter a debit amount	enter a credit amount
Dec. 31	enter an account title To record depreciation expense on december 31	enter a debit amount	enter a credit amount
	enter an account title To record depreciation expense on december 31	enter a debit amount	enter a credit amount

(a)

Purchase of equipment on January 1. What was the cash paid?

(b)

Depreciation recorded on December 31. What was the depreciation expense?

(c)

Sale of part of the equipment on December 31. What was the gain on disposal?

(d)

Partial impairment loss on the remaining equipment on December 31. What was the impairment loss?Shown below are the T accounts relating to equipment that was purchased for cash by a company on the first day of the current year. The T accounts show the balance in the accounts on January 1 along with the effects of transactions recorded on December 31 of the current year. The equipment was depreciated on a straight-line basis with an estimated useful life of 10 years and a residual value of $300. Part of the equipment was sold on the last day of the current year for cash proceeds while the remaining equipment that was not sold became impaired. Reconstruct the journal entries to record the following and derive the missing amounts: (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 1	enter an account title for the adjusting entry on January 1	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry on January 1	enter a debit amount	enter a credit amount
Dec. 31	enter an account title to record depreciation expense on september 1	enter a debit amount	enter a credit amount
	enter an account title to record depreciation expense on september 1	enter a debit amount	enter a credit amount
Dec. 31	enter an account title To record the sale of equipment for cash	enter a debit amount	enter a credit amount
	enter an account title To record the sale of equipment for cash	enter a debit amount	enter a credit amount
	enter an account title To record the sale of equipment for cash	enter a debit amount	enter a credit amount
	enter an account title To record the sale of equipment for cash	enter a debit amount	enter a credit amount
Dec. 31	enter an account title To record depreciation expense on december 31	enter a debit amount	enter a credit amount
	enter an account title To record depreciation expense on december 31	enter a debit amount	enter a credit amount

(a)		Purchase of equipment on January 1. What was the cash paid?
(b)		Depreciation recorded on December 31. What was the depreciation expense?
(c)		Sale of part of the equipment on December 31. What was the gain on disposal?
(d)		Partial impairment loss on the remaining equipment on December 31. What was the impairment loss?