ssignment #7 - Chapter 9 Question 3 of 7 - /20 III View Policies Current Attempt in Progress Shown below are the Taccounts relating to equipment that was purchased for cash by a company on the first day of the current year. The T accounts show the balance in the accounts on January 1 along with the effects of transactions recorded on December 31 of the current year. The equipment was depreciated on a straight-line basis with an estimated useful life of 10 years and a residual value of $230. Part of the equipment was sold on the last day of the current year for cash proceeds while the remaining equipment that was not sold became impaired. Reconstruct the journal entries to record the following and derive the missing amounts: (l.ist all debit entries before credit entries. 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.) Date Account Titles and Explanation Debit Credit Jan. 1 Equipment 1730 Cash 2730 Dec. 31 Depreciation Expense 150 Accumulated Depreciation Equipment 150 Dec 31 Cash 702 Accumulated Depreciation - Equipment Cash Jan. 1 (a) Dec. 31 Jan. 1 692 702 Equipment 1,730 Dec. 31 Accumulated Depreciation-Equipment Dec. 31 60 Dec. 31 Depreciation Expense | (b) 1 Gain on Disposal Dec. 31 150 50 Dec. 31 Dec. 31 120 (c) Impairment Loss (d) Dec. 31 e Textbook and Media Question 3 of 7 - /20 Reconstruct the journal entries to record the following and derive the missing amounts: (list all debit entries before credit entries Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "N- Entry" for the account titles and enter O for the amounts.) Debit Credit Date Account Titles and Explanation Jan. Equipment 1730 Cash 1730 Dec. 31 Depreciation Expense 150 150 Accumulated Depreciation - Equipment 702 Dec. 31 Cash 60 Accumulated Depreciation - Equipment 120 Gain on Disposal 642 Equipment Dec. 31 Impairment loss Accumulated Depreciation - Equipment