Hernard Manufacturing Company purchased equipment on June 30, year 1, at a cost of $81,000. The residual value of the equipment was estimated to be $7,500 at the end of a five-year life. The equipment was sold on March 31, year 5, for $17,500. Hernard uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required: 1. Prepare the journal entry to record the sale. 2. Assuming that Hernard had instead used the double-declining-balance method, prepare the journal entry to record the sale