III. Prepare the disposal journal entry for the following: (15 points) (use as separate sheet (s) for your answer; put your name on it) Magic Company purchased equipment in 2014 for $150,000 and estimated a $10,000 salvage va the end of the equipment's 10-year useful life. At December 31,2020, there was $98,000 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2021, the equipment was sold for $40,000. (1) ue at Prepare the appropriate journal entries to remove the equipment from the books of Magic Company on March 31, 2021. Required: (2) Zebra Company sold a machine for $15,000. The machine originally cost $35,000 in 2018 and $8,000 was spent on a major overhaul in 2021 (charged to the Equipment account). Accumulated Depreciation on the machine to the date of disposal was $28,000. Required: Prepare the appropriate journal entry to record the disposition of the machine. (3) Paul Company sold office equipment that had a book value of $12,000 for $16,000. The office equipment originally cost $40,000 and it is estimated that it would cost $50,000 to replace the office equipment. Required: Prepare the appropriate journal entry to record the disposition of the office equipment