Keynes Manufacturing has old equipment that cost $50,000. The equipment has accumulated depreciation of $28,000 and a

Question:

Keynes Manufacturing has old equipment that cost $50,000. The equipment has accumulated depreciation of $28,000 and a fair value of $26,000. Keynes has decided to sell the equipment.
(a) What entry would Keynes make to record the sale of the equipment for $26,000 cash?
(b) What entry would Keynes make to record the sale of the equipment for $15,000 cash?