On January $1,2023,$ Crane Ski Resort Ltd$.$ purchased snow making equipment for $$121,000$ by paying a $$24,200$ cash down paymentOn January $1,2023,$ Crane Ski Resort Ltd$.$ purchased snow making equipment for $$121,000$ by paying a $$24,200$ cash down payment

and issuing a note payable for the balance. The equipment had an estimated useful life of $10$ years and an estimated residual value of

$$24,200.$ Crane uses the straight$-$line$-$method of depreciation and has a December $31$ year end. On October $30,2025,$ the equipment

was sold for $$81,280$ cash.

$($a$)$

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Prepare the journal entry to record the acquisition of the equipment. $($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 $0$ for the amounts. List

all debit entries before credit entries.$)$

Notes Payable

$($b$)$

Record the $2023$ and $2024$ depreciation at the year$-$end of Dec. $31.$ Prepare the journal entries to update the depreciation and

record the sale of the equipment on October $1,2025.($Record entries in the order displayed in the problem statement. 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 $0$ for the amounts. List all debit entries before credit entries.$)$

$($c$1)$

The parts of this question must be completed in order. This part will be available when you complete the part above.

and issuing a note payable for the balance. The equipment had an estimated useful life of $10$ years and an estimated residual value of

$$24,200.$ Crane uses the straight$-$line$-$method of depreciation and has a December $31$ year end. On October $30,2025,$ the equipment

was sold for $$81,280$ cash.

$($a$)$

Prepare the journal entry to record the acquisition of the equipment. $($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.$)$

Date

Account Titles and Explanation

Debit

Credit

Jan. $1,$

Attempts: $0$ of $1$ used

$($b$)$

The parts of this question must be completed in order. This part will be available when you complete the part above.

$($c$1)$

The parts of this question must be completed in order. This part will be available when you complete the part above.

$($c$2)$

The parts of this question must be completed in order. This part will be available when you complete the part above.