Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of S155,000 The residual value of the equipment was estimated to be $14,000

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Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of S155,000 The residual value of the equipment was estimated to be $14,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $48,000 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: 1. Prepare the journal entry to record the sale 2. Assuming that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale. Complete this question by entering your answers in the tabs below. Required Required 2 Prepare the journal entry to record the sale. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 1 Record sale of equipment Not Enter debts before credit, Event General Journal Debit Credit 1