Patel Company owns equipment that cost $70,000 when purchased on January 1. 2014. It has been depreciated using the straight-line method based on estimated salvage value of $10,000 and an estimated useful life of 5 years. Prepare Patel Company's journal entries to record the sale of the equipment in these four independent situations. Sold for $38,000 on January 1, 2017. Sold for $38,000 on May 1, 2017. Sold for $23,000 on January 1, 2017. Sold for $23,000 on October 1, 2017