Barnes Ltd purchased equipment on 1 January 2013 for $80,000 and estimated an $8,000 salvage value at the end of the equipment's 10-year useful life. On 31 December 2019, there was $50,400 in the Accumulated depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2020, the equipment was sold for $21,000. Barnes's fiscal year end is 31 December.

Prepare the appropriate journal entries on March 31, 2020.