Please use given account titles.

Property and equipment data From the balance sheets: 12/31/20 12/31/19 24,360 $ 22,840 Property and equipment Accumulated depreciation (17,230) (15,840) From the investing activities section of the 2020 cash flow statement: Cash used to purchase property and equipment $ (2,280) Proceeds from sale of property and equipment 62 From the 2020 income statement: Depreciation expense Gain or loss on the sale of equipment 1,710 ?? Print Done Requirement 1. T-accounts for Property and Equipment and Accumulated Depreciation have been opened for you. Enter information as presented, and solve for the unknown in each account as provided in the problem statement. Abbreviation used: Accum. depr. = Accumulated depreciation.) = Begin by posting to the Property and Equipment account. Property and Equipment 12/31/19 Balance 22840 | Cost of assets sold in 2020 62 Purchased during 2020 2280 12/31/20 Balance 24360 12/31/19 Balance Now post to the Accumulated Depreciation account. 12/31/20 Balance Accumulated Accum. depr. of assets sold 15840 Cost of assets sold in 2020 Depreciation during 2020 Purchased during 2020 Requirement 2. Based on your calculations in Requirement 1, calculate the carrying amount of assets sold during 2020. What is the difference between the sales price and the carrying amount? (Enter amounts in millions as provided in the problem statement.) The carrying amount of assets sold during 2020 is million. There is a of $ million. This results because Requirement 3. Prepare the journal entry for the sale of property and equipment during 2020. Describe the effect of this transaction on the financial statements. Compare the sales price and the carrying amount in the journal entry, and compare this to the difference you calculated in Requirement 2. Describe briefly. (Enter amounts in millions as provided in the problem statement. Record debits first, then credits. Exclude explanations from any journal entries.) Begin by preparing the journal entry for the sale of property and equipment during 2020. Journal Entry Date Accounts Debit Credit