On May 31, 2020, Westford Company sold office equipment for $180,000. The equipment was purchased on June 1, 2017, for $300,000. The asset was being depreciated over a five-year life using the straight-line method, with depreciation based on months in service. The anticipated residual value was $60,000 Required: 1. Prepare the journal entry to record 2020 depreciation Cost Service life (years) Depreciation per year Portion of year outstanding Depreciation expense Journal Entry - May 31, 2020 2. Prepare the journal entry to record the sale of the equipment. Cost Service life (years) Depreciation per year Years in service Accumulated depreciation Net book value Gain (Loss) on sale Journal Entry - May 31, 2020