Future Foundations purchased equipment on January 1, 2019, for $50,000, with an estimated useful life of 5 years and an estimated residual value of $5,000. The company uses the straight-line method of depreciation. On July 1, 2021, the equipment was sold for $17.500 cash Prepare journal entries for the following: A) Depreciation expense for 2019, B) Depreciation expense for 2020; and C) Sale of the equipment in 2021. HTML Editor . IK EE311 x x E T TH 12pt v Paragraph O words