The Coca -Cola Company's annual report for the year ended December 31, 2011, included the following (S in millions) EEB (Click the icon to view the annual report.) Assume that on January 1, 2012, Coca- Cola acquired some new bottling equipment for $1.6 million cash. The equipment had an expected useful life of 4 years and an expected residual value of $400,000 Coca Cola uses straight-line depreciation. Read the requirements. Data Table Requirement 1. Prepare the journal entry that Coca Cola would make annually for depreciation on the new equipment. ( in millions) 23,151 8,212 14,939 Property, plant, and equipment Date Debit Credit Less: Accumulated depreciation 2012 Print Done Requirement 2. Suppose Coca -Cola sold some of the equipment it had purchased on January 1, 2012. The equipment being sold had an original cost of $80,000 and an expected residual value of $15,000. Coca Cola sold the equipment for $42,000 cash 2 years after the purchase date. Prepare the journal entry for the sale. (Record debits first, then credits. Explanations are not required.) (in millions) Date Debit Credit 2013