Logan Company owns equipment that cost $140,000 when purchased on January 1, 2018. It has been depreciated using the straight- line method based on estimated salvage value of $14,000 and an estimated useful life of 5 year. Prepare Logan Company's journal entries to record the sale of the equipment in five independent situations. Update depreciation on assets disposed of at time of sale. Your answer is correct. (a) Sold for $65,000 on January 1, 2021. (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.) Account Titles and Explanation Cash Accumulated Depreciation-Equipment Equipment Gain on Disposal of Plant Assets eTextbook and Media List of Accounts Your Answer Correct Answer Your answer is partially correct. Debit 65,000 75,600 Credit 140,000 600 (b) Sold for $65,000 on April 1, 2021. (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.) Account Titles and Explanation Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation expense) Cash Debit 6,300 65000 Accumulated Depreciation-Equipment 81900 Gain on Disposal of Plant Assets 6900 Equipment (To record sale of equipment) eTextbook and Media Solution List of Accounts Your Answer Correct Answer Credit 6,300 140000 Your answer is partially correct. (c) Sold for $35,000 on January 1, 2021. (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.) Account Titles and Explanation Cash Accumulated Depreciation-Equipment Debit 35,000 81900 Loss on Disposal of Plant Assets 23100 Equipment Credit 140000