Lion Company purchased equipment in 2005 for $85,000 and estimated a $6,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2020, there was $47,000 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2021, the equipment was sold for $22,000. Prepare the appropriate journal entries to remove the equipment from the books of Lion Company on March 31, 2021.