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- X Property and equipment data From the balance sheets: 12/31/20 12/31/19 Property and equipment $ 24,360 $ 22,840 Accumulated depreciation (17,230) (15,840) From the investing activities section of the 2020 cash flow statement: Cash used to purchase property and equipment $ (2,280) Proceeds from sale of property and equipment 62 From the 2020 income statement: Depreciation expense $ 1,710 Gain or loss on the sale of equipment ?? Print Done Requirement 1. T-accounts for Property and Equipment and Accumulated Depreciation have been opened for you. Enter information as presented, and solve for the unknown in each account. (Enter amounts in millions as provided in the problem statement. Abbreviation used: Accum. depr.= Accumulated depreciation.) Begin by posting to the Property and Equipment account. Property and Equipment Now post to the Accumulated Depreciation account. Accumulated Depreciation Requirement 2. Based on your calculations in Requirement 1, calculate the carrying amount of assets sold during 2020. What is the difference between the sales price and the carrying amount? (Enter amounts in millions as provided in the problem statement.) The carrying amount of assets sold during 2020 is million. There is a of $ million. This results because Requirement 3. Prepare the journal entry for the sale of property and equipment during 2020. Describe the effect of this transaction on the financial statements. Compare the sales price and the carrying amount in the journal entry, and compare this to the difference you calculated in Requirement 2. Describe briefly. (Enter amounts in millions as provided in the problem statement. Record debits first, then credits. Exclude explanations from any journal entries.) Begin by preparing the journal entry for the sale of property and equipment during 2020. Journal Entry Date Accounts Debit Credit Describe the effect of this transaction on the financial statements. Compare the sales price and the carrying amount in the journal entry, and compare this to the difference calculated in Requirement 2; describe briefly. Assets liabilities and shareholders' equity Revenues expenses and net income The total carrying amount of $ million is million the sales price of $ million This is calculation than/(as) in Requirement 2. Requirement 4. Prepare a T-account for Property and Equipment, Net. Repeat Requirement 1. (Enter amounts in millions as provided in the problem statement.) Property and Equipment, Net