Exercise 11-26 Consider the following independent situations for Concord Corporation. Concord applies ASPE. Situation 1: Concord purchased equipment in 2013 for $113,000 and estimated a $13,000 residual value at the end of the equipment's 10-year useful life. At December 31, 2019, there was $70,000 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2020, the equipment was sold for $30,500. Situation 2: Concord sold a piece of machinery for $12,400 on July 31, 2020. The machine originally cost $46,200 on January 1, 2012. It was estimated that the machine would have a useful life of 12 years with a residual value of $3,000, and the straight-line method of depreciation was used. Situation 3: Concord sold equipment that had a carrying amount of $5,000 for $6,900. The equipment originally cost $11,000 and it is estimated that it would cost $16,000 to replace the equipment. Prepare the appropriate journal entries to record the disposition of the property, plant, and equipment assets, assuming that Concord's fiscal year end is December 31 and that Concord only prepares financial statements and adjusts the accounts annually. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Do not round intermediate calculations.) Debit Credit Account Titles and Explanation Situation 1: Depreciation Expense Accumulated Depreciation (To record depreciation on equipment) Cash 30500 Loss on Disposal of Equipn Accumulated Depreciation 113000 Equipment (To record disposal of equipment) Situation 2: Depreciation Expense Accumulated Depreciation (To record depreciation on machinery) Cash 12400 Loss on Disposal of Machin Accumulated Depreciation 46200 Machinery (To record disposal of machinery) Situation 3: Cash 6900 Accumulated Depreciation 6000 Equipment 11000 Gain on Disposal of Equ 1900