a) We paid $50,000 for a drill which now has a book value of $15,000. We sold it for for $12,000.

(b) We paid $50,000 for a drill which now has a book value of $15,000. It has no market value and we discarded it.

(c) We paid $50,000 for a drill which now has a book value of $15,000. We sold it for $17,000.

REQUIRED: Journalize the sale/disposal of the drill by the above independent assumptions. SHOW THE WORK OF HOW YOU CAME UP WITH THE ANSWERS