On January 2, 2022, Champion Company purchased a used piece of equipment for $60,007. The next day, it was repaired at a cost of $1,903 and mounted on a new platform that cost $2,578. It was estimated that the equipment would be used for 6 years and would then have a $9,115 residual value. Depreciation was to be charged on a straight-line basis to the nearest whole month. Depreciation was charged on December 31, 2022, subsequently on December 31, 2023, and on January 31, 2024, the equipment was retired from service. REQUIRED: 1. 2. 3. Prepare the journal entries to record the purchase of the equipment, the cost of repairing it, and the installation. Assume that cash was paid. Prepare journal entries to record depreciation on the equipment on December 31, 2022, and, on January 21, 2024. Prepare journal entries to record the retirement of the equipment under each of the following unrelated assumptions: a) Cash received = $13,896 b) Cash received = $52,358