1. Barnes Corporation purchased equipment January 1, 2011 for $120,000 and estimated a $12,000 residual value at the end of the equipment's 10-year useful life. Barnes Corporation uses straight-line method of depreciation for this equipment. On March 31, 2021, the equipment was sold for cash of $30,000. Prepare the appropriate journal entrie(s) to record the disposal of the equipment on March 31, 2021