Ace Corporation purchased equipment on July 1, 2009 for the following: Purchase price $100,000 Sales tax 6,000 Installation 3,000 Delivery 1,000 Total $110,000 Ace estimates that it will use the equipment for five years and its residual value will be $10,000. Ace uses the straight line method of depreciation and its accounting year end is December 31. On December 31, 2010 Ace sells the equipment for $75,000. Required: Prepare all necessary journal entries and adjusting journal entries for Ace for 2009 and 2010