Faster Company purchased equipment in 2010 for $104,000 and estimated $8,000 salvage value at the end of the equipments 10-year useful life. At December 31, 2016, there was $67,200 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2017, the equipment was sold for $21,000.

Prepare the entry to update the depreciation to the date of disposal.

Prepare the entry for the sale of the equipment.