Chapter 8 Assignment uestion 4 of 15 iew Policies how Attempt History urrent Attempt in Progress 0.45/1 E On June 6, 2020, Lindhardt Chocolates Ltd. purchased assembly line equipment for $408,960. Lindhardt's management estimated that the equipment had a useful life of four years and an estimated residual value of $28,800. Lindhardt uses the straight-line method of depreciation and has a December 31 year end. On June 21, 2022, the machine was sold for $171,000. Question 4 of 15 < > 0.45/1 Record the depreciation expense for 2020 and 2021, prepare the journal entry to update the depreciation and record the sale of the equipment on June 21, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31, 2020 : Depreciation Expense Accumulated Depreciation-Equipment Debit 95,040 Dec. 31, 2021; Depreciation Expense 95,040 Accumulated Depreciation-Equipment June 21, 2022 Depreciation Expense 95,040 Accumulated Depreciation Equipment (To update the depreciation) June 21, 2022 Accumulated Depreciation Equipment 95,040 Cash Loss on Disposal Equipment 171,000 95,040 Credit