Howarth Manufacturing Company purchased equipment on June $30,2020,$ at a cost of $$125,000.$ The residual value of the equipment

was estimated to be $$8,000$ at the end of a five$-$year life. The equipment was sold on March $31,2024,$ for $$34,000.$ Howarth 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:

Prepare the journal entry to record the sale.

Assuming that Howarth had instead used the double$-$declining$-$balance method, prepare the journal entry to record the sale.