Crane Company owns equipment that cost $51,000 when purchased on January 2, 2021. It has been depreciated using the straight-line method based on estimated residual value of $3,000 and an estimated useful life of five years. Following are the four independent situations.

Prepare Crane Companys journal entry to record the sale of the equipment for $25,100 on January 2, 2024 Prepare Crane Companys journal entry to record the sale of the equipment for $25,100 on May 1, 2024. Prepare Crane Companys journal entry to record the sale of the equipment for $6,400 on January 2, 2024. Prepare Crane Companys journal entry to record the sale of the equipment for $6,400 on October 1, 2024.