Bennett Corporation sold a piece of equipment on June 30, 2012 for $70,000 cash. The equipment had been purchased on January 1, 2008 for $150,000. It had an estimated useful life of 6 years and a $30,000 salvage value. The accumulation Depreciation balance at the selling time was $90,000. Bennett Corporation has been using the straight-line method of depreciation and has a year-end of December 31^st.