The Laura Company has the following errors on its books as of December 31,2020 . The books for 2020 have not yet been closed. a. In 2020 , fully depreciated equipment (with no residual value) that originally cost $8,000 was sold for $700 as scrap. The company credited the $700 proceeds to Equipment. b. On January 1, 2019, the company recorded the purchase of equipment in exchange for a three-year, noninterest-bearing note payable in the amount of $10,000. Interest rates were then 8%, but no recognition was made of this fact. The present value of $1 at 8% for three periods is 0.7938 . (Ignore depreciation.) Required: Prepare joumal entries to correct these errors at December 31, 2020. Ignore income taxes. GFNFRAI IOIRNAI