Delivery equipment was purchased on July 1, Year 1, for $24,000 in cash and was estimated to have a $3,000 residual value at the end of its 7-year life. On September 30, Year 3, the company sold the delivery equipment for $12,500. The company's fiscal year end is December 31st & the company uses straight-line depreciation for assets of this type. Required: Record any and all transactions associated with the purchase, depreciation and sale of the delivery equipment for each of Years 1, 2 & 3