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-Ine depreclation method for all of Its plant and equlpment. Partlal-year depreclatlon is calculated based on the number of months the asset is in service. Requlred: 1. Prepare the joumal 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. 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