Mack Company purchased equipment in 2018 for $122,000 and estimated an $12,000 salvage value at the end of the equipment's 11-year useful life. At December 31, 2023, there was 60,000 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2024, the equipment was sold for $42,000. Prepare the appropriate journal entries to remove the equipment from the books of the Mack Company on March 31, 2024.