Peggy Company purchased equipment in 2016 for $150,000 and estimated a $10,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2022, there was $98,000 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2023, the equipment is sold for $40,000. Prepare the appropriate journal entries to remove the equipment from the books of Payne Company on March 31, 2023. Account DR CR