Part II (10 marks) On 2 June 2016, Snow Company purchased an equipment for $125,000 with an estimated useful of 5 years and an estimated residual value $8,000. On 31 May 2020, the Company sold the equipment for $30,000 cash. The Company uses straight-line depreciation method with half-year convention and adjusts its accounts annually with the year-end on 31 December. Required Prepare the following journal entries (show your workings): (a) to update the depreciation expense for 2020. (2 marks) (8 marks) (b) to dispose the said equipment