Assignment 3 Pinetreee Company purchased equipment in 2021 for $40,000 and estimated a $4,000 salvage value at the end of the equipment's 10-year useful life. On December 31, 2027 there was $25,200 in the Accumulated Depreciation account after recording Depreciation for the year using the straight-line method. On March 1, 2028 the equipment was sold for $10,500 cash. Required: Prepare the journal entries required to record the sale of the equipment by Johnson Company on March 1, 2028