Wil Was marked correct and incorrect from your previous attempt On March 31, 2021, management of Quality Appliances committed to a plan to sell equipment. The equipment was available for immediate sale, and an active plan to locate a buyer was initiated. The equipment had been purchased on January 1, 2019, for $260,000. The equipment had an estimated six-year service life and residual value of $20,000. The equipment was being depreciated using the straight-line method. Quality's fiscal year ends on December 31 Required: 1. Calculate the equipment's book value as of March 31, 2021 (Hint Depreciation for 2021 would include up to March 31) 2 By December 31, 2021, the equipment has not been sold, but management expects that it will be sold in 2022 for $150,000. For what amount is the equipment reported in the December 31, 2021, balance sheet? Complete this question by entering your answers in the tabs below. Required 1 Required 2 By December 31, 2021, the equipment has not been sold, but management expects that it will be sold in 2022 for $150,000. For what amount is the equipment reported in the December 31, 2021, balance sheet? Book value as of December 31, 2021 140,000