Manchester Company sells equipment on June 1 of the current year for $278,000 cash. Manchester incurred $1,600 of removal and selling costs on disposal, The equipment cost $500,000 when it was purchased on fanuary 2, approximately three years and five months earlier. Its estimated residual value and useful bfe were $80,000 and 10 years, respectively. Manchester uses straight-fine depreciation and records annual depreciation on each December 31 . a. Prepare the journal entries needed to record the asset disposal on june 1, of the current year. Hint: First record the update for depreciation expense. b. Record the journal entries if the equipment were abandoned (zero fair value) on june 1, of the current year, Hint: Firss record the update for depreciation expense b. Record the journal entries if the equipment were abandoned (zero fair value) on june 1, of the current year. Hint: First record the update for depreciation expense