View Policies Current Attempt in Progress Shown below are the T-accounts relating to equipment that was purchased for cash by a company on the first day of the current year. The equipment was depreciated on a straight-line basis with an estimated useful life of 10 years and a salvage value of $330, Part of the equipment was sold on the last day of the current year for cash proceeds. Cash Jan. 1 la) Dec. 31 680 Equipment Jan 1 1,330 Dec. 31 670 Accumulated Depreciation-Equipment Dec. 31 Dec 31 270 330 Depreciation Expense Dec. 31 (b) Gain on Disposal of Plant Assets Dec 31 c) (a) Prepare the journal entries to record purchase of equipment on January 1. (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 for the (a) Prepare the journal entries to record purchase of equipment on January 1. (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 for the amounts! Debit Credit Date Account Titles and Explanation Jan. 1 What was the cash paid? Cash Dec 31 680 Jan, 1 e Textbook and Medie Assistance Used List of Accounts Submit Answer Attempts: 0 of 3 used Savefore