3. French Advocacy Nonprofit has a December 31 fiscal year end. French has office equipment initially purchased for $100,000 with an estimated useful life of 10 years and no salvage value. As of December 30, 2020, accumulated depreciation on the equipment amounted to $60,000. French sells the equipment on June 30, 2021 for $50,000. Required: 1. Show the adjusting journal entry on June 30, 2021 to record depreciation expense through the date of the sale of the equipment. Identify the effect (direction and amount) of the transaction on assets, liabilities, and equity, 2. Show the journal entry for the sale of the asset on June 30, 2021. Identify the effect (direction and amount) of the transaction on assets, liabilities, and equity. 3. If there was a gain or loss on the sale of the equipment, explain whether this was really good news or bad news, taking into account the nature of accounting for depreciation