A company depreciates its equipment at the rate of 20 per cent per annum using the straight line method, for each month of ownership. 20X4 Bought equipment costing $900 on 1 January Bought equipment costing $600 on 1 October 20x5 No purchase or sale of equipment 20X6 Bought equipment costing $550 on 1 July 20x7 Sold equipment which cost $900 which was bought on 1 January 20X4 for $275 on 30 September 20X7 The accounting year ended on 31 December each year. Required: (a) Draw up the equipment account and the provision for depreciation - equipment account for years 20x4, 20x5, 20x6 and 20x7. (b) What is the profit or loss on disposal of equipment sold on 30 September 20x7