Exercise 11-12 (Algo) Depreciation methods; disposal; partial periods [LO11-2] Howarth Manufacturing Compary purchased equipment on June 30,2020 , at a cost of $90,000 The residual value of the equipment was estimated to be $6,000 at the end of a five-year ife. The equipment was sold on March 31, 2024, for $18,000 Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on ithe number of months the asset is in service Required: 1. Prepare the joumal entry to record the sale. 2. Assuming that Howarth had instead used the doubledeclining balance method, prepare the journal entry to record the sole Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the joumal entry to record the sale. Note: If no entry is required for a transaction/event, selea "No joumal entry requared in the first acoount fielf: Complete this question by entering your answers in the tabs below. Assumang that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale. Note: If no entry is required for a transactoon/event, select "No journal entry required" in the first account field, Do not round intermediate calculation. Round your final answers to the nearest whole dollar amount