Consider the following independent situations for Monty Corporation. Monty applies ASPE. Situation 1: Monty purchased equipment...

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Consider the following independent situations for Monty Corporation. Monty applies ASPE. Situation 1: Monty purchased equipment in 2016 for $151,800 and estimated a $11,800 residual value at the end of the equipment's 10-year useful life. At December 31, 2022, there was $98,000 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2023, the equipment was sold for $40,000. Situation 2: Monty sold a piece of machinery for $9,440 on July 31, 2023. The machine originally cost $36,560 on January 1, 2015. It was estimated that the machine would have a useful life of 12 years with a residual value of $2,000, and the straight-line method of depreciation was used. Situation 3: Monty sold equipment that had a carrying amount of $3,400 for $5,000. The equipment originally cost $11,600 and it is estimated that it would cost $14,600 to replace the equipment. (a) Prepare the appropriate journal entries to record the disposition of the property, plant, and equipment assets, assuming that Monty's fiscal year end is December 31 and that Monty only prepares financial statements and adjusts the accounts annually. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Do not round intermediate calculations.) SUPPORT Account Titles and Explanation Debit Credit Situation 1: (To record depreciation on equipment) (To record disposal of equipment) Situation 2: (To record depreciation on machinery) (To record disposal of machinery) Situation 3: Consider the following independent situations for Monty Corporation. Monty applies ASPE. Situation 1: Monty purchased equipment in 2016 for $151,800 and estimated a $11,800 residual value at the end of the equipment's 10-year useful life. At December 31, 2022, there was $98,000 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2023, the equipment was sold for $40,000. Situation 2: Monty sold a piece of machinery for $9,440 on July 31, 2023. The machine originally cost $36,560 on January 1, 2015. It was estimated that the machine would have a useful life of 12 years with a residual value of $2,000, and the straight-line method of depreciation was used. Situation 3: Monty sold equipment that had a carrying amount of $3,400 for $5,000. The equipment originally cost $11,600 and it is estimated that it would cost $14,600 to replace the equipment. (a) Prepare the appropriate journal entries to record the disposition of the property, plant, and equipment assets, assuming that Monty's fiscal year end is December 31 and that Monty only prepares financial statements and adjusts the accounts annually. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Do not round intermediate calculations.) SUPPORT Account Titles and Explanation Debit Credit Situation 1: (To record depreciation on equipment) (To record disposal of equipment) Situation 2: (To record depreciation on machinery) (To record disposal of machinery) Situation 3: