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Acquisition and disposition of assets (10 marks) Machinery that cost $224,000 on 1 January 20x1 was sold for $96,000 on 30 June 20x6. It was being depreciated over a 10-year life by the straight-line method, assuming its residual value would be $28,000. A building that cost $2,020,000, residual value $132,000, was being depreciated over 20 years by the straight-line method. At the beginning of 20x6, when the structure was 8 years old, an additional wing component was constructed at a cost of $740,000. The estimated life of the wing considered separately was 15 years, and its residual value was expected to be $44.000. The accounting period ends 31 December Required: 1. Give all required entries to record: a. Sale of the equipment, including depreciation to the date of sale. b. The addition to the building: cash was pald. c. Depreciation on the building and its addition after the latter has been in use for one year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet Record the sale of equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit a-2 Record entry Clear entry View general journal Journal entry worksheet