On October 1, 20X1, Omicron Corporation acquired equipment for $100,000 cash. The equipment has a useful life of 5 years and no residual value. Calculate the depreciation expense for the year 20X1 using the straight-line method.

Additionally, Omicron Corporation made the following transactions during 20X1:

• November 1: Paid $8,000 for equipment maintenance.
• December 1: Sold a portion of the equipment for $30,000 cash. The portion sold had a carrying amount of $40,000.

Required:

• Calculate the total depreciation expense for the year 20X1.
• Prepare journal entries for the equipment-related transactions.