Exercise 3 (3 points) Carey Enterprises sold equipment on January 1, 2018 for $20,000. The equipment had cost $68,000. The balance in Accumulated Depreciation at January 1 is $53,000. What entry would Carey make to record the sale of the equipment? Exercise 4 (6 points) Barr & Eglin formed a new partnership. Barr invested $70,000 and Elgin invested $90,000. During the first year, the partnership reports net income of $170,000. The partnership agreement provides for annual salaries of $65,000 for Barr and $55,000 for Eglin and 10% interest allowances on their initial capital investments. Any remaining income or loss is to be shared equally. Instructions Compute the amount of net income distributed to each partner 5