View Policies -/20 : Current Attempt in Progress Crane Co. purchased equipment on March 1, 2019, for $105,000 on account. The equipment had an estimated useful life of five years. with a residual value of $5,000. The equipment is disposed of on February 1, 2022. Crane Co. uses the diminishing-balance method of depreciation with a 20% rate and calculates depreciation for partial periods to the nearest month. The company has an August 31 year end. Record the acquisition of the equipment on March 1, 2019. (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 Mar. 1 (To record purchase of equipment on account.) Debit Credit on 4 of 4 List of Accounts -/20 Record depreciation at August 31, 2019, 2020, and 2021. (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.) 2019 Date Account Titles and Explanation Aug. 31 2020 (To record depreciation expense.) Debit Credit Date Account Titles and Explanation Debit Credit Question 4 of 4 < (To record depreciation expense.) 2020 Date Account Titles and Explanation Aug. 31 2021 (To record depreciation expense.) Date Account Titles and Explanation Aug. 31 (To record depreciation expense.) W -/20 Debit Credit Debit Credit 99+ (DELL) OL o 0 ENG 9:32 PM US 2022-07-20 ion 4 of 4 > -/20 Record the disposal on February 1, 2022, under the following assumptions: (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.) 1. It was scrapped with no residual value. 2. It was sold for $60,060. 3. It was sold for $50,370. 4. It was traded for new equipment with a list price of $95,000. Crane was given a trade-in allowance of $51,000 on the old equipment and paid the balance in cash. Crane determined the old equipment's fair value to be $52,520 at the date of the exchange. Date Account Titles and Explanation 2022 Feb. 1 (To record depreciation expense.) 99+ (DELL Debit Credit ENG 9:32 PM US 2022-07-20 Question 4 of 4 < epkaur9email -/20 Date Account Titles and Explanation Debit Credit 2022 Feb. 1 1. Feb. 1 2. Feb. 1 (To record depreciation expense.) (To record disposal.) 99+ DOLL W ENG 29 US C 147 9:32 PM 2022-07-20 Feb. 2. 1 Feb. 3. 1 (To record disposal.) (To record disposal.) Feb. (To record disposal.) 99+ OL (DELL > ENG US 9:33 PM 2022-07-20 Question 4 of 4 < 4. Feb. 1 (To record disposal.) (To record disposal.) eTextbook and Media List of Accounts -/20 ENG 9:33 PM 99+ (DELL US 2022-07-20