On July 1, 2015, Hale Kennels sells equipment for $220,000. The equipment originally cost $600,000, had an estimated 5-year life and an expected salvage value of $100,000. The accumulated depreciation account had a balance of $350,000 on January 1, 2015, using the straight-line method.

1) Journal entry for the catch-up depreciation from Jan 1, to July 1, 2015

2) Journal entry showing the sale of the equipment on July 1, 2015