Crane Co. purchased equipment on March 1, 2019, for $132,500 on account. The equipment had an estimated useful life of five years, with a residual value of $5,000. The equipment is disposed of on February 1, 2022. Crane Co. uses the diminishing-balance method of depreciation with a 20% rate and calculates depreciation for partial periods to the nearest month. The company has an August 31 year end.

- Record depreciation at August 31, 2019, 2020, and 2021. (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 0 for the amounts.)

2019

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Record the disposal on February 1, 2022, under the following assumptions: (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 0 for the amounts.)

1. It was scrapped with no residual value. 2. It was sold for $74,690. 3. It was sold for $64,780. 4. It was traded for new equipment with a list price of $97,750. Crane was given a trade-in allowance of $53,750 on the old equipment and paid the balance in cash. Crane determined the old equipments fair value to be $66,930 at the date of the exchange.