Make necessary journal entries

1. On Jan A, 2010 Hampton purchased equipment at a cost of $400,000! installation cost is $20,000. The equip has a 10 year life and an expected salvage value at the end of 10 yrs. of 20,000

2. On Dec 31, 2010 Hampton determined that the fair value of the equipment was 390,000. No impairment loss occors.

3. On Jan 1st, 201 l; Hamptonrevise the useful life of the computersl a total of 14 years to replace the original assumption of 10 years and the salvage value to $30,000

4. On Dec 31,201), Hampton determine the at the fair value of the eauip. was $320,000."Impairmenl loss occurs.

5. On March 31, 2012 Hampton sold the equipment for $320,000