Situation $4$: On March $31,2017,$ Wayside Corporation purchased a new piece of

manufacturing equipment for $$1,615,000.$ At that time, the estimated useful life of the

equipment was five years, with a residual value of $$325,000.$ On August $1,2020,$ due to

increased competition causing a decreased selling price for its product, Wayside

decided to discontinue the product. By December $31,2020,$ there was a formal plan in

place to sell the equipment, and the equipment qualified for classification as held for

sale. At December $31,2020,$ the equipment's fair value less costs to sell was $$260,000.$

Due to matters beyond Wayside's control, a potential sale of the equipment fell through

in $2021,$ although consumer confidence in Wayside's product increased significantly

because of reported defects in its competitors' products. The equipment remained

classified as held for sale at December $31,2021,$ when the equipment's fair value less

costs to sell increased to $$725,000.$ Wayside uses the straight$-$line method to depreciate

its equipment.

Required #$4$: Prepare all journal entries required for the years ending December $31,$

$2020,$ and December $31,2021.$

$-$When calculating Partial Depreciation, Use nearest month.

Please show all calculations