Exercise 7-7 Ivanhoe Companyhas delivery equipment that cost $53,300 and has been depreciated $24,500. Prepare a tabular summary to record the disposal under the following assumptions It was scrapped as having no value. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets -Liabilities+ Stockholders' Equity Retained Earnings Cash + Equipment -Accum. Depr.-Equip. +Common Stock+ RevenueExpenseDividend Bal It was sold for $37,300. (Ifa transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Stockholders' Equity Retained Earnings Cash Equipment -Accum. Depr. Equip. Common Stock + RevenueExpenseDvidend Bal It was sold for $19,600. (Ifa transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced) Assets Liabilities Stockholders' Equity Retained Earnings Cash Equipment Accum. Depr. - Equip. + Common StockRevenueExpense Dividend Bal