Equipment acquired on January 6, 2013, at a cost of $425,000, has an estimated useful life of 16 years and an estimated residual value of $65,000.

PART 1 (4 line journal).Assuming that the equipment was sold on January 3, 2016, for $340,000, journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles.

PART 2 (4 line journal).Assuming that the equipment had been sold on January 3, 2016, for $372,500 instead of $340,000, journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles.