Endblast Productions showed the following selected asset balances on December 31, 2020:
Land $ 452,800 Building 582,400 Accumulated depreciation, building1 416,000 Equipment 199,200 Accumulated depreciation, equipment2 60,000 1Remaining estimated useful life is eight years with a residual value of $60,000; depreciated using the straight-line method to the nearest whole month.
2Total estimated useful life is 10 years with a residual value of $24,000; depreciated using the double-declining-balance method to the nearest whole month.
Required:
Prepare the entries for each of the following. (Round intermediate calculations to the nearest whole dollar.)
1. The land and building were sold on September 27, 2021, for $620,000 cash.
2. The equipment was sold on November 2, 2021, for $95,200 cash.