b) On January 1, 2016, WAX-D purchased equipment for $60,000 cash, expecting it to remain in service for six years. The equipment is depreciated using the straight-line method with $2,000 estimated residual value. On April 30, 2018, the equipment was sold for $48,000 cash. Record depreciation expense for 2018 and the sale of the equipment on April 30, 2018. (Do not round your intermediate calculations.)