Howarth Manufacturing Company purchased equipment on June 30, 2020, at a cost of $170,000. The residual value of the equipment was estimated to be $20,000 at the end of a five-year life. The equipment was sold on March 31, 2024, for $54,000. 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. + Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record the sale. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No 1 Event 1 General Journal Cash Accumulated depreciation-equipment Loss on sale of equipment Equipment 1925 x 587px Size: 35.7KB Debit 54,000 Credit 170,000 Required 1 Required 2 Assuming that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculation. Round your final answers to the nearest whole dollar amount. No Event General Journal 1 1 Cash Accumulated depreciation-equipment Gain on sale of equipment Equipment < Required 1 Required 2 Debit Credit 54,000 112,500 170,000