The capital asset records for Ross Company included the following information on January 1, 2019 Equipment 788,000 Accumulated Amortization - Equipment 133,000 Machinery 448,000 Accumulated Amortization - Machinery 168,000 The following transactions took place during 2019: 1. Ross Company made payments totaling $18,500 related to the machinery and $7,600 related to the equipment for maintenance to keep the assets in normal working order 2. Equipment with an original cost of $35,000 and accumulated amortization of $30,000 was sold for 3. Ross Company made an agreement with Rachel Ltd. to exchange two pieces of similar machinery. Ross' old machine had an original cost of $50,000 and accumulated amortization of $20,000. Ross also paid $5,000 as par to the deal. 4. Ross spent $68,500 on a major upgrade to some of the equipment that significantly increased the economic life of the equipment 5. Ross recorded amortization for the year in the amount of $68,000 for equipment and $72,000 for Required: a. Prepare the journal entries to record the above transactions on the books of Ross Company b. Calculate the December 31, 2019 ending balances for equipment, accumulated amortization - equipment, machinery, and accumulated amortization - machinery The capital asset records for Ross Company included the following information on January 1, 2019 Equipment 788,000 Accumulated Amortization - Equipment 133,000 Machinery 448,000 Accumulated Amortization - Machinery 168,000 The following transactions took place during 2019: 1. Ross Company made payments totaling $18,500 related to the machinery and $7,600 related to the equipment for maintenance to keep the assets in normal working order 2. Equipment with an original cost of $35,000 and accumulated amortization of $30,000 was sold for 3. Ross Company made an agreement with Rachel Ltd. to exchange two pieces of similar machinery. Ross' old machine had an original cost of $50,000 and accumulated amortization of $20,000. Ross also paid $5,000 as par to the deal. 4. Ross spent $68,500 on a major upgrade to some of the equipment that significantly increased the economic life of the equipment 5. Ross recorded amortization for the year in the amount of $68,000 for equipment and $72,000 for Required: a. Prepare the journal entries to record the above transactions on the books of Ross Company b. Calculate the December 31, 2019 ending balances for equipment, accumulated amortization - equipment, machinery, and accumulated amortization - machinery