Destion Sheridan o purchased equipment on March 1, 2019, for $90,000 an 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. Sheridan Causes the diminishing balance method of depreciation with a 20% rate and calculate depreciation for partial periods to the nearest month. The company has an August 31 year end Record the acquisition of the equipment on March 1, 2019. (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 cities and enter for the amounts.) Date Account Titles and Explanation Debit Credit (To record purchase of equiement on account.) SHOW LIST OF ACCOUNTS Record depreciation at August 31, 2019, 2020, and 2021. (Credit account titles are automatically indented when the amount is entered. Do not indeat manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) 2019 Date Account Titles and Explanation Debit Credit (To record depreciation expense.) 2020 Date Account Tities and Explanation Aug. 31 Debit Credit (Te record depreciation expense. 2021 Date Account Titles and Explanation Aug. 3: Debit Credit (To record depreciation expense. SHOW LIST OF ACCOUNTS Record the disposal on February 1, 2022, under the following assumptions: (Credit account titles are automatically indersted when the amount is estered. Do not indent manually. If no entry is required, select "No Entry for the account Lillesand enter for the amounts.) 1. It was scrapped with no residual value. 2. It was sold for $52,080. 3. It was sold for $42, 510 4. It was traded for new equipment with a list price of $93.500. Sheridan was given a trade in allowance 549,500 on the old equipment and paid the balance in cash. Sheridan determined the old equipment's fair value to be 544,660 at the date of the exchange. Date Account Titles and Explanation Debit Credit Feb. (To record depreciation expense.) 1. Feb. 1 (Te record disposal 2. Feb. (Te record disposal.) . 3. Feb. 1 (Te record disposal.)