[The following information applies to the questions displayed below.] Freeman Landscaping purchased a tractor at a cost of $29,000 and sold it three years later for $15,700. Freeman recorded depreciation using the straight-line method, a five-year service life, and a $4,000 residual value. Tractors are included in the Equipment account. 2. Assume the tractor was sold for $10,300 instead of $15,700. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

[The following information applies to the questions displayed below] Freeman Landscaping purchased a tractor at a cost of $29,000 and sold it three years later for $15,700. Freeman recorded depreciation using the straight-line method, a five-year service life, and a $4,000 residual value. Tractors are included in the Equipment account. 2. Assume the tractor was sold for $10,300 instead of $15,700. Record the sale. (If no entry is required for a particular ransoction/event, select "No Journal Entry Required" in the first occount field.) Selected financial data regarding current assets and current liabilities for ACME Corporation and Wayne Enterprises, are as follows: Required: 1-e. Calculate the current ratio for ACME Corporation and Wayne Enterprises. 1-b. Which company has the more favorable ratio? 2-o. Calculate the acid-test (quick) ratio for ACME Corporation and Wayne Enterprises. 2-b. Which company has the more favorable ratio