cash flows

Question 1: (13 marks) Part A: (6 marks) Lower Niagara Company purchased equipment in 2021 for $80,000 and estimated an $8.000 residual value at the end of the equipment's 10-year useful life. At December 31, 2027, there was $50,400 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2028, the equipment was sold for $21,000. Required Part A: Prepare the appropriate journal entries to update accumulated depreciation and then to remove the equipment from the books of Lower Niagara Company on March 31, 2028. Part B: (3 marks) Guildwood Company sold a delivery truck for $11,000. The delivery truck originally cost $25,000 in 2021 and $6,000 was spent on a major overhaul in 2027 (charged to Delivery Truck account) Accumulated Depreciation on the delivery truck to the date of disposal was $20,000, December 31, 2027 Required Part B: Prepare the appropriate journal entry to record the disposition of the delivery truck. Part C: (4 marks) Crenshaw Company sold office equipment that had a net book value of $4,500 for $6 000. The office equipment originally cost $15,000. Required Part C: Prepare the appropriate journal entry to record the disposition of the office equipment