IEB Company purchases a new piece of equipment on Feb 1, 2020. The equipment was purchased for cash of $51,000. The company's accountant expects the equipment to be useful for 10 years. At the end of the equipment's life the accountant estimates it can be sold for $10,000. The company will use straight-line depreciation to depreciate this asset. The company has a December 31 fiscal year end. On May 31, 2021, the company sells the equipment for $34,000 cash. Required: Record all journal entries for the life of the asset