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 equipment was depreciated on a straight-line basis with an estimated useful life of 10 years and a salvage value of $240. Part of the equipment was sold on the last day of the current year for cash proceeds. Dec. 31 Jan. 1 Dec. 31 Dec. 31 Cash 600 Equipment 2,640 Jan. 1 88 Accumulated Depreciation-Equipment Dec. 31 Dec. 31 (b) Depreciation Expense Loss on Disposal of Plant Assets (a) 764 240

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 equipment was depreciated on a straight-line basis with an estimated useful life of 10 years and a salvage value of $240. Part of the equipment was sold on the last day of the current year for cash proceeds. Dec. 31 (b) Loss on Disposal of Plant Assets Dec. 31 (c) Prepare the journal entry to record sale of part of the equipment on December 31. (List all debit entries before credit entries. Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Prepare the journal entries to record purchase of equipment on January 1. (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 o for the amounts.) What was the cash paid? Prepare the journal entry to record depreciation recorded on December 31. (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 o for the amounts.) What was the depreciation expense? Depreciation expense $