8.6 Disposal of Assets - Single [8 points) Selected plant and equipment asset balances on December 31, 2013 for Northstar Corp, are as follows: Equipment $132 200 Accumulated Depreciation Equipment 89,000 Remaining estimated useful life on the equipment is 5 years with a residual value of $12,000, depreciated using the straight-line method to the nearest whole month. The equipment was sold on July 2, 2014 for cash of $40,080 Prepare journal entries for the following: a. Depreciation of the equipment for 2014 b. The sale of the equipment on July 2. Ensure accuracy in your calculations by rounding only your final answer to the nearest whole dollar), Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (.e. January 15 would be 15/Jan). For simplicity, assume the assets are depreciated as individual items and will not be broken into parts and depreciated General Joumal Page GJ2 Account/Explanation F Debit Credit Date