Give correct journal entry Culver Farms Ltd., which follows ASPE, had the following transactions during the fiscal year ending December 31, 2020.1.On May 1, a used tractor was sold at auction. The information concerning this transaction included:Original cost of the tractor$52,900Carrying amount of tractor at date of sale20.800Cash proceeds obtained at sale22.9002.After the seeding season, on June 15, 2020, a plough with an original cost of $6,950 and a carrying amount of $650 wasdiscarded.3.On September 1, 2020, a new plough was purchased for $7,700.4.On December 30, a section of land was sold to a neighbouring farm called Clear Pastures Ltd. The original cost of the landwas $50,000. To finance the purchase, Clear Pastures gave Culver a three-year mortgage note in the amount of $75,000 thatcarries interest at 6%, with interest payable annually each December 30,On December 31, 2020, depreciation was recorded on the farm equipment in the amount of $17,200.Prepare the journal entries that recorded the transactions during the year. (Credit account titles are automatically indented when theamount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Recordjournal entries in the order presented in the problem.)DateAccount Titles and ExplanationPebisCredit

Name: Give correct journal entry Culver Farms Ltd., which follows ASPE, had
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Description: Give correct journal entry Culver Farms Ltd., which follows ASPE, had the following transactions during the fiscal year ending December 31, 2020.1.On May 1, a used tractor was sold at auction. The information concerning this transaction included:Orig

Journal entries refers to the official book of a company which is used to record the day to day…

Business

Accounting

Prepare the journal entries that recorded the transactions during the year. (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. Record journal entries in the order presented in the problem)