3. Bennett Corporation purchased a piece of equipment on January 1, 2011 for $147.500. Additionally, Bennett paid $2,500 for delivery and installation of the equipment and $1,000 for interest on the purchase. The purchased equipment had an estimated useful life of 5 years and an estimated $30,000 residual value. Bennett Corp. uses the Double Declining method of depreciation and has a year-end of December 31st. On 12/31/12 Bennett sold the piece of equipment mentioned above for $100,000 in cash. At the time of sale depreciation has been recorded only for the year ended 12/31/11. Requirements: A Present the journal entry (or entries) that Bennett would record as a result of selling the equipment