Howarth Manufacturing Company purchased a lathe on June 30, 2014, at a cost of $180,000. The residual value of the lathe was estimated to be $15,000 at the end of a five-year life. The lathe was sold on March 31, 2018, for $48,000. Howarth uses the stralght- lIlne depreclation method for all of its plant and equipment. Partial-year depreclation is calculated based on the number of months the asset Is In service. Required: 1. Prepare a schedule to calculate the galn or loss on the sale. 2 Prepare the Journal entry to record the sale. 3. Assuming that Howarth had Instead used the sum-of-the-years-digits depreclation method, prepare the Journal entry to record the sale