Current Attempt in Progress Respond to the requirements in each situation Click here to view factor tables, (For calculation purposes, use 5 decimal places as displayed in the factor table provided) On January 1, 2020, Sheffield Inc. sold computer equipment to Shamrock Co. The sales price of the equipment was $526,000 and its carrying amount is $397,000. Record any journal entries necessary for Sheffield from the sale of the computer equipment in 2020. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually) Debit Date Account Titles and Explanation 1/1/20 Credit Use the information from part a. Assume that on the same day the sale occurred, Sheffield enters into an agreement to lease the equipment from Shamrock for 10 years with annual lease payments of $64,851.00 at the end of each year, beginning on December 31, 2020. If Sheffield has an incremental borrowing rate of 4% and the equipment has an economic useful life of 10 years, record any journal entries necessary for Sheffield 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, es 5.275.25. Recordjoumal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Use the information from part b. Now, instead of 10 years, the lease term is only 3 years with annual lease payments of $64.851.00 at the beginning of each year. Record any journal entries necessary for Sheffield from the sale and leaseback of computer equipment in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent many Round answers to 2 decimal places, es 5.275.75. Record journal entries in the order presented in the problem > > Use the information from part b. Now, instead of 10 years, the lease term is only 3 years with annual lease payments of $64.851.00 at the beginning of each year. Record any journal entries necessary for Sheffield 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 (To record sale of equipment) 12/31/20 (To record the lease) (To record lease payment) Save for Later Attempts: 0 of 1 used Submit Arewer