On January $1,20$x$3,$ Mercury Mining purchased equipment for $$31,000$ with an estimated four$-$year life and $$2,000$ residual value. The company uses straight$-$line depreciation.

What journal entry would Mercury Mining make if the equipment was sold on December $31,20$x$5$ for $$10,000.$On January $1,203,$ Mercury Mining purchased equipment for $$31,000$ with an estimated four$-$year life and $$2,000$

residual value. The company uses straight$-$line depreciation.

What journal entry would Mercury Mining make if the equipment was sold on December $31,205$ for $$10,000.$

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