Equipment was purchased at the beginning of 2018 for $100,000, with an estimated life of 10 years and a residual value of $10,000. It was recently sold on May 1, 2022 for $60,000 cash. (Assume all appropriate entries for depreciation had been made since 2018, but not for the partial year in 2022.) Journalize the following entries: (a) Journalize the partial year depreciation as of the day of the sale (May 1st), using the straight-line method. (b) Journalize the sale of the equipment. Enter numbers as whole numbers; no decimals or dollar signs. Use the following list of accounts as written (copy and paste to avoid spelling errors!); Equipment Cash Depreciation Expense Accumulated Depreciation Loss on Sale Gain on Sale Date May 1 May 1 Account Name Debit Credit Equipment Cash Depreciation Expense Accumulated Depreciation Loss on Sale Gain on Sale Date May 1 May 1 Account Name Debit Credit
