Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $140,000. 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 $43,000. 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. Journal entry worksheet Record sale of equipment. Note: Enter debits before credits. Event General Journal Debit Credit Assuming that Howarth had instead used the double declining balance method, 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 Record sale of equipment Note: Enter debits before credits. Event General Journal Debit Credit