MP Company purchased equipment on July 1 of 2020 for $27,500 and decided to depreciate the equipment on the straight-line method over its useful life of five years. Assuming the equipment's salvage value is $3,500, a) prepare the depreciation schedule and journalize the sale the asset for b) $7.500 on January 1, 2023 and c) 8,500 on January 1, 2023