Disposal of Property, Plant and Equipment Sherwood Company owns equipment that costs $125,000 when purchased on July 1, 2020. It has been depreciated using the straight-line method based on an estimated salvage value of $20,000 and an estimated useful life of 5 years. On April 1, 2022, the company sold the equipment for $52,000. Accumulated depreciation has been recorded through December 31, 2021. Question 24 (3 points) Listen Record the necessary adjusting entry. Blank #1 Blank #2 Question 25 (6 points) Listen Prepare the journal entry to record the disposal of the equipment. Blank #1 Blank #2 Blank #3 Blank # 4