ABC Inc. acquired equipment acquired on January 1, 2012, at a cost of $260,000, with an estimated useful life of 8 years, an estimated residual value of $20,000, and is depreciated by the straight-line method. (a) Journalize the entry assuming that the equipment was sold on January 1, 2016, for $170,000. (b) Journalize the entries assuming that the equipment was sold on September 1, 2018, for $35,000.