6 - Record the journal entries for the following (assume straight-line method) 8/1/X1 - Wrote check# 38 for $120000 to purchase equipment. 12/31/X1 - The equipment's estimated life is 5 years and its salvage value $12000. 12/31/X2 - The equpment's estimated life is 5 years and its salvage value $12000. 3/1/X3 - Sold the equipment for $90000. General Journal Date Account/Explanation PR Debit Credit 8/1/20X1 (Ck# 38 - new equipment) 12/31/20X1 (Allocate cost of equipment) 12/31/20X2 (Allocate cost of equipment) 3/1/20X3 (Update depreciation) 3/1/20X3 (Sold equipment)