Disposal of Property, Plant and Equipment Sherwood Company owns equipment that costs $125,000 when purchased on July 1, 2021. It has been depreciated using the straight-line method based on an estimated salvage value of $10,000 and an estimated useful life of 5 years. On April 1, 2023, the company sold the equipment for $75,000. Accumulated depreciation has been recorded through December 31,2022 Question 24 (9 points) Listen Prepare all necessary journal entry(ies) to properly record the disposal of the equipment.