B G 20. Prepare the journal entries to record the following transactions for Faster Company which has a calendar year end and uses the straight line method of depreciation A Purchased equipment in 2014 for $104.000 and estimated an $8,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2020, there was $67,200 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation On March 31, 2021, the equipment was sold for $21,000. (Don't forget to update the accumulated depreciation account) B Sold equipment for $11,000 on June 30, 2020. The equipment originally cost $25,000 in 2016 and $8,000 was spent on a major overhaul in 2019 (charged to the Equipment account). Accumulated Depreciation on the equipment to the date of disposal was $20.000 #20 CALCULATIONS #20 Date ACCOUNT TITLES Debit Credit B