An asset was purchased on 1/1/2011 with a cost of $60,000 and a residual value of $5000 and useful life of 10 years :( the company uses the straight line method of depreciation) 1. On 31/12/2018 the company retired the equipment, 2. On 31/12/2017 the company sold the equipment for $16,000 3. On 31/12/2016 the company exchange the old equipment with a new one, the fair value of old equipment is $22,000 and the company paid $6000 cash . Prepare the required entry at date of disposal