ETO - TOB Patel Company owns equipment that cost $ 10, 000 when purchased on January 2014. It has been depreciated using the straight- line method based on estimated salv value of $ 10, 000 and an estimated useful life of 5 years . Instructions Prepare Patel Company's journal entries to record the sale of the equipment in these* independent situations . ( a ) Sold for $38, 000 on January 1 , 2017 ( 6) Sold for $ 38, 000 on May 1 , 2017 . ( c ) Sold for $ 23, 000 on January 1 , 2017 . ( d ) Sold for $23,000 on October 1 , 2017