CITA Limited depreciates its assets with depreciation for partial years rounded to the nearest month. The company gathered the following information for 2020 and 2021: 2020 Jan 1 May 1 Dec 31 Bought an equipment for $50,000 cash with $3,000 residual value and 10- year expected useful life. The equipment is depreciated on a straight-line basis. Bought a building for $98,000 cash with $10,000 residual value and 20-year expected useful life. The building is depreciated on a double-declining- balance method. Recorded depreciation on the equipment and building. 2021 Jun 30 Sold the equipment for $20,000 cash. Dec 31 Recorded depreciation on the building. Required: (Explanation for each journal entry is NOT required and amounts should be rounded to the nearest dollar.) a. b. C. Prepare the journal entries to record the depreciation on the equipment and building on December 31, 2020. Prepare the journal entry to record the disposal of the equipment on June 30, 2021. Prepare the journal entry to record the depreciation on the building on December 31, 2021