Situation $1$: Ducharme Corporation purchased electrical equipment at a cost of $$62,000$

on June $2,2017.$ From $2017$ through $2020,$ the equipment was depreciated on a

straight$-$line basis, under the assumption that it would have a $10-$year useful life and a

$$12,000$ residual value. After more experience and before recording $2021\text{'}$s

depreciation, Ducharme revised its estimate of the machine's useful life downward from

a total of $10$ years to $8$ years, and revised the estimated residual value to $$10,000.$ On

April $29,2022,$ after recording part of a year's depreciation for $2022,$ the company

traded in the equipment on a newer model, and received a $$20,000$ trade$-$in allowance,

even though the equipment's fair value was only $$14,000.$ The new asset had a list price

of $$76,500$ and the supplier accepted $$56,500$ cash for the balance. The new equipment

was depreciated on a straight$-$line basis, assuming a seven$-$year useful life and a

$$6,500$ residual value.

Required #$1$:

Journal Entry on June $02,2017.$

Adjusting Entry on December $31,2017.$

Adjusting Entry on December $31,2018.$

Adjusting Entry on December $31,2021.$

Journal Entry on April $29,2022.$

Adjusting Entry on December $31,2021.$

Please show all calculations and make sure everything is balanced