On July $1,2016,$ Steelman Company acquired a new equipment for

$$157,000$and estimated it would have a useful life of $10$ years

and residual value of $$7,500.$ At the beginning of $2019,$ the company

decided that the equipment would be used for nine more years

$($including all of $2019),$ and at the end of this time its residual

value would be only $$825.$ On November $1,2020,$ the equipment was

sold for $$82,000.$ The company uses the straight$-$line method of

depreciation and closes its books on December $31.$

Give the necessary journal entries for the acquisition,

depreciation, and disposal of this asset for the years $2016,2019,$

and $2020.($Credit account titles are automatically

indented when the amount is entered. Do not indent manually. If no

entry is required, select $"$No Entry" for the account titles and

enter $0$ for the amounts.$)$

$$DateAccount Titles and ExplanationDebitCreditJuly $1,2016$Dec. $31,2016$Dec. $31,2019$Nov. $1,2020$Nov. $1,2020$