On January 1, 2017, Hong Kong International Airport Limousine Co, purchased a limo at an acquisition cost of HK$280,000. The vehicle has been depreciated by the straight-line method using a 4-year service life and a HK$40,000 residual value. The company's fiscal year ends on December 31. Instructions: Prepare the journal entry or entries to record the disposal of the limousine assuming that it was: (a) Retired and scrapped with no residual value on January 1, 2021, (b) Sold for HK$50,000 on July 1, 2020