Part 3 (4 points) Haworth Manufacturing Company purchased a lathe on June 30, 2018, at a cost of $80,000. The residual value of the lathe was estimated to be $5,000 at the end of a five-year life. The lathe was sold on March 31, 2022, for $17,000. Haworth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service.

a> Calculate the amount of accumulated depreciation of the lathe as of March 31, 2022.

Annual depreciation expense =

Depreciation expense of year 2018 _{Jun. 30 to Dec. 31, 2018} =

Depreciation expense of year 2019 =

Depreciation expense of year 2020 =

Depreciation expense of year 2021 =

Depreciation expense of year 2022 _{Jan. 1 to Mar. 31, 2022} =

Accumulated depreciation as of March 31, 2022 =

b> Prepare the journal entry to record the sale (Lathe is reported in the equipment account).

	Debit	Credit