Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $180,000. The residual value of the equipment was estimated to be $15,000 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.