Your answer has been saved. See score details after the due date. On January 1, 2020, Swifty Inc. sold computer equipment to Windsor Co. The sales price of the equipment was $531,000 and its carrying amount is $414,000. Record any journal entries necessary for Swifty from the sale of the computer equipment in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 1/1/20 Cash 531000 Equipment 414000 Unearned Profit on Sale-Leaseback 117000 Attempts: 1 of 1 used Use the information from part a. Assume that, on the same day the sale occurred, Swifty enters into an agreement to lease the equipment from Windsor for 10 years with annual lease payments of $68,766.97 at the end of each year, beginning on December 31, 2020. If Swifty has an incremental borrowing rate of 5% and the equipment has an economic useful life of 10 years, record any journal entries necessary for Swifty from the sale and leaseback of computer equipment in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, eg 5,275.25. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 1/1/20 Equipment accou 12/31/20 Use the information from part b. Now, instead of 10 years, the lease term is only 3 years with annual lease payments of $68,766.97 at the beginning of each year. Record any journal entries necessary for Swifty from the sale and leaseback of computer equipment in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, eg 5,275.25. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record sale of equipment)