P9.6B (LO 2, 3) (Record acquisition, depreciation, and disposal of equipment.) Balmoral Limited purchased equipment on January 1, 2022, for $170,000 on account. At that time, the equipment was estimated to have a useful life of five years and a $2,000 residual value. The equipment was disposed of on August 1, 2024, when the company relocated to new premises. Balmoral uses the double-diminishing-balance method at two times the straight-line depreciation rate, has a September 30 year end, and makes adjusting entries annually. Instructions a. Record the acquisition of the equipment on January 1, 2022. b. Record the depreciation at September 30, 2022 and 2023. c. Record the disposal of the equipment on August 1, 2024, under each of the following independent assumptions: 1. It was sold for $60,000. 2. It was sold for $42,000. Equ 3. It was retired for no proceeds. Hint: For part c. record depreciation before disposing the equipment.