I NEED CORRECT JOURNAL ENTRIES AND THE RIGHT ACCOUNTING TITLE FOR THIS QUESTION ASAP!!! PLEASE PROVIDE YOUR STEPS AND DOUBLE CHECK TO MAKE SURE ALL YOUR ANSWERS ARE CORRECT! JUST TO GIVE U HEADS UP, I'VE ALREADY PROVIDED MOST OF THE ACCOUNTING TITLES EXCEPT FOR APRIL 1ST DOWN BELOW, BECAUSE I GOT IT WRONG PREVIOUSLY. AGAIN DOUBLE CHECK AND MAKE SURE ALL THE JOURNAL ENTRIES ARE CORRECT AND PROVIDE STEPS TO MAKE SURE IT MAKES SENSE!!!

Application Problem 8-11A Jijang Excavations Ltd. (JEL) operates specialized equipment for installing natural gas pipelines. JEL, which has a December 31 year end, began 2020 with a single piece of equipment that had been purchased on January 1, 2017, for $39,000 and a truck that had been purchased on January 1, 2019, for $70,000. When the equipment was purchased, JEL's management had estimated that the equipment would have a residual value of $3,000 and a useful life of six years. When the truck was purchased, management determined that it would have a useful life of four years and a residual value of $7,000. On March 31, 2020, JEL sold this piece of equipment for $28,500 cash. On April 1, 2020, JEL purchased replacement equipment with double the capacity for $81,000 cash. JEL's management determined that this equipment would have a useful life of six years and a residual value of $9,000. Prepare all necessary journal entries for the year ended December 31, 2020. Assume that JEL uses the straight-line depreciation method for its equipment and the double-diminishing-balance method for its trucks. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Debit Credit Date Account Titles and Explanation Mar. 31 (To record depreciation expense) Mar. 31 (To record sale of equipment) Apr. 1 Dec. 31 (To record depreciation expense on equipment) Dec. 31 (To record depreciation expense on truck) Date Account Titles and Explanation Mar. 31 Depreciation Expense | Accumulated Depreciation - Equipment (To record depreciation expense) Mar. 31 Cash Accumulated Depreciation - Equipment Equipment Gain on Disposal (To record sale of equipment) Apr. 1 Cash Equipment Dec. 31 Depreciation Expense Accumulated Depreciation - Equipment (To record depreciation expense on equipment) Dec. 31 Depreciation Expense Accumulated Depreciation - Trucks (To record depreciation expense on truck)