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(8 points) On December 31, 2020, Sanders Corporation purchases and installs a large solar panel...

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Accounting

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(8 points) On December 31, 2020, Sanders Corporation purchases and installs a large solar panel system to supply electricity to its corporate headquarters. On that date, Sanders Corporation issues 2,500 shares of its $0.10 par-value common stock in exchange for the solar panels, and pays an additional $14,000 in cash to install and operationalize the system. Sanders Corporation's common stock traded at $28 per share on December 31, 2020. Sanders Corporation depreciates the solar panel system over a 4-year period using the double-declining balance method. Sanders Corporation anticipates that the system will have a high liquidation value of $36,000 due to high expected growth in the renewables sector. a. (4 points) Please prepare all journal entry(ies) recorded by Sanders Corporation on December 31, 2020. Write NONE if no journal entries are required. b. (2 points) Please indicate the amount of depreciation expense (specifically associated with the solar panel system) that Sanders Corporation reports in its income statement for the year ending December 31, 2022. c. (2 points) Please indicate the net carrying value of the solar panel system reported on Sanders Corporation's balance sheet for the year ending December 31, 2022

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