On January 1, 2020 the Company purchased an equipment for $140,000 on credit and paid $10,000 for transportation of the equipment. The equipment has an estimated useful life of 5 years. Residual value is estimated as zero. The Company uses double declining method for depreciation. On December 31, 2021, the Company sold the equipment at $50,000 and collected. Prepare the journal entries for purchase and sale of the equipment. DATE January 1. 2020 ACCOUNT NAME purchase of an equipment Purchases Account Name dr dr cr Account Name Account Name December 31, 2021 sale of the equipment dr Account Name dr Account Name dr Account Name Account Name AAA Account Name Account Name Show your calculations in the box below: DR CR