Howarth Manufacturing Company purchased equipment on June 30,2020 , at a cost of $82,000. The residual value of the equipment was estimated to be $7,000 at the end of a five-year life. The equipment was sold on March 31,2024, for $15,000. 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. 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