B. Assuming that the equipment was sold on April 1 of the fifth year for $125,000, journalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles): 1. Depreciation for the three months until the sale date How does grading work? PAGE 1 JOURNALACCOUNTING EQUATION Score: 19/25 DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Apr. 1 Depreciation Expense-Equipment 8,500.00 Accumulated Depreciation-Equipment 32,000.00 15,000.00 Points: 3.8 / 5 2. The sale of the equipment How does grading work? PAGE 2 JOURNALACCOUNTING EQUATION Score: 32/49 DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Apr. 1 Accumulated Depreciation-Equipment Cash Equipment Loss on Sale of Equipment