Part II (12 marks) On 1 June 2018, BN Company purchased an equipment for $125,000 with an estimated useful of 5 years and an estimated residual value $8,000. On 31 May 2022, 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 2022. (b) to dispose the said equipment on 31 May 2022. (4 marks) (8 marks)