Equipment acquired with cash on October 1, 2020, at a cost of $750,000 has an estimated useful life of 10 years. The residual value is estimated to be $ 80,000 . The company has a year end of December The company sold the equipment on June 1, 2032 for $55,000 Instructions Prepare the journal entries related to this equipment on October 1 ^ (st) , 2020 , December 31st , 2020 , December 31st , 2025 , December 31 ^ (st) , 2030 and June 1 , 2032 with both the following methods (a ) straight -line method . ( b ) double diminishing -balance method . Use the space below to answer the above questions . Show your work