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The following data relate to the Plant Assets account of Teal Mountain Inc. at December 31, 2019:

		A			B			C			D
Original cost		$46,800			$53,700			$71,250			$73,000
Year purchased		2014			2015			2016			2017
Useful life		10	years		15,500	hours		15	years		10	years
Residual value		$4,700			$4,100			$5,000			$4,700
Depreciation method		straight-line			activity			straight-line			double-declining
Accumulated depreciation through 2019		$21,050			$32,100			$13,250			$26,280

Note: In the year an asset is purchased, Teal Mountain does not record any depreciation expense on the asset. In the year an asset is retired or traded in, Teal Mountain takes a full years depreciation on the asset. The following transactions occurred during 2020:

1.

On May 5, Asset A was sold for $17,000 cash. The companys bookkeeper recorded this retirement as follows:

Account Titles and Explanation	Debit	Credit
Cash	17,000
Asset A		17,000

2.		On December 31, it was determined that Asset B had been used 3,200 hours during 2020.
3.		On December 31, before calculating depreciation expense on Asset C, Teal Mountain management decided that Asset Cs remaining useful life should be nine years as of year end.
4.		On December 31, it was discovered that a piece of equipment purchased in 2019 had been expensed completely in that year. The asset cost $32,000, had a useful life of 10 years when it was acquired, and had no residual value. Management has decided to use the double-declining-balance method for this asset, which can be referred to as Asset E. Ignore income taxes.

Prepare any necessary adjusting journal entries required at December 31, 2020, as well as any entries to record depreciation for 2020. (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 0 for the amounts.)

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