Part (b) only

HH Co. purchased equipment at the beginning of 2020 for $53,000 with an estimated residual value of $5,300 that it has depreciated for the past 2 full years using the double-diminishing-balance method at a rate of 40%. They sold the equipment at the beginning of 2022 for $21,200 cash. (a) Your answer is correct. Determine the amount of the gain or loss on the disposal of the equipment. Gain 2120) Gain 4 SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT Attempts: 1 of 2 used (b) Prepare the journal entry to record the disposition. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit