9. A company purchased and installed equipment on January 1 at a total cost of $72,000. Straight-line depreciation was calculated based on the estimate of a five-year life and no salvage value. The equipment was disposed of on January 1 of the fourth year. The company uses the calendar year. Prepare the general journal entry to record the disposal of the equipment under each of these independent situations: a. The equipment was sold for $29,000 cash. b. The equipment was sold for $21,000 cash