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