Social Work homework help. Plant Assets”ÿÿE9-9 Shown below are the T?accounts relating to equipment that was purchased for cash by a company on the first day of the current year. The equipment was depreciated on a straight?line basis with an estimated useful life of 10 years and a salvage value of $100. Part of the equipment was sold on the last day of the current year for cash proceeds.Cashÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿEquipmentÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿAccumulated Depreciation-Equipmentÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Jan . 1 (a)ÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿJan. 1 ÿÿÿ1,100ÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿDec. 31ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 100ÿÿÿÿÿÿÿ Dec. 31 ÿ450ÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿDec.ÿÿÿ 31ÿÿÿÿÿ 440ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Decÿÿÿÿÿ 31ÿÿÿÿÿÿÿÿÿÿÿ 40ÿÿÿÿÿÿÿÿ 31ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 55Depreciation Expenseÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿGain on Disposal of Plant AssetsDec.ÿ ÿ31 (b) ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿDec. 31 (c)InstructionsPrepare the journal entries to record the following and derive the missing amounts: (a) Purchase of equipment on January 1. What was the cash paid? (b) Depreciation recorded on December 31. What was the depreciation expense? (c) Sale of part of the equipment on December 31. What was the gain on disposal?
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