PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU!

On March 31, 2021, management of Quality Appllances committed to a plan to sell equipment. The equipment was avallable for immedlate sale, and an active plan to locate a buyer was initlated. The equipment had been purchased on January 1, 2019, for $1,060,000. The equipment had an estlmated slx-year service life and residual value of $220,000. The equipment was being depreciated using the straight-line method. Quality's fiscal year ends on December 31. Required: 1. Calculate the equipment's book value as of March 31, 2021 (Hint: Depreclation for 2021 would include up to March 31) 2. By December 31, 2021, the equlpment has not been sold, but management expects that It will be sold in 2022 for $710,000. For what amount Is the equipment reported In the December 31, 2021, balance sheet? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the equipment's book value as of March 31, 2021. (Hint: Depreciation for 2021 would include up to March 31) Book value as of March 31, 2021