A new piece of equipment worth $67,626 was purchased on July 6, 2020, by Spector Enterprises. The next day, the company modified it at a cost of $1,804 and placed it on a new platform that cost $2,388. The equipment should have a life of 5 years and has an expected residual value of $8,208. Depreciation is charged on a straight-line basis to the nearest whole month. Depreciation was charged on December 31, 2020, and December 31, 2021. On August 31, 2022, the company disposed of the equipment. REQUIRED: Prepare the journal entries to record the purchase of the equipment, the cost of repairing it, and the installation. Assume that cash was paid. 2 Prepare journal entries to record depreciation on the equipment on December 31, 2020, and, on August 31, 2022. Prepare journal entries to record the retirement of the equipment under each of the following unrelated assumptions: a) Cash received $29.721 b) Cash received = $55,599