Consider the following independent situations for Martinez Corporation. Martinez applies ASPE. Situation 1: Martinez purchased equipment in 2013 for $148,200 and estimated a $12,200 residual value at the end of the equipment's 10-year useful life. At December 31, 2019, there was $95,200 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2020, the equipment was sold for $39,200. Situation 2: Martinez sold a piece of machinery for $11,080 on July 31, 2020. The machine originally cost $42.320 on January 1, 2012. It was estimated that the machine would have a useful life of 12 years with a residual value of $2,000, and the straight-line method of depreciation was used. Situation 3: Martinez sold equipment that had a carrying amount of $3,800 for $6,100. The equipment originally cost $10,400 and it is estimated that it would cost $14,400 to replace the equipment. (a) Your answer is partially correct. Prepare the appropriate journal entries to record the disposition of the property, plant, and equipment assets, assuming that Martinez's fiscal year end is December 31 and that Martinez only prepares financial statements and adjusts the accounts annually. (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 for the amounts. Do not round intermediate calculations.) Debit Credit Account Titles and Explanation Situation 1: Depreciation Expense 2267 2267 Accumulated Depletion (To record depreciation on equipment) Cash 39200 Accumulated Depletion 97467 Loss on Disposal of Equipment 11533 148200 Equipment (To record disposal of equipment) Situation 2: Depreciation Expense Accumulated Depletion (To record depreciation on machinery) Cash Accumulated Depletion Loss on Disposal of Equipment Equipment (To record disposal of machinery) Situation 3: Cash Accumulated Depletion Gain on Disposal of Equipment Equipment