owarth Manufacturing Company purchased equipment on June 30,2020 , at a cost of $800,000. The residual value of the equipment ras estimated to be $50,000 at the end of a five-year life. The equipment was sold on March 31, 2024, for $170,000. Howarth uses the traight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of nonths the asset is in service. Required: 1. Prepare the journal entry to record the sale. 2. Assuming that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale. Complete this question by entering your answers in the tabs below. Assuming that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Do not round intermediate calculation. Round your final answers to the nearest whole dollar amount