Pharoah uses the diminishing-balance method at one times the straight-line depreciation rate. Pharoah Limited purchased delivery equipment on March 1, 2019, for $118,750 cash. At that time, the equipment was estimated to have a useful life of five years and a residual value of $9,420. The equipment was disposed of on November 30, 2021. Pharoah uses the diminishing-balance method at one times the straight-line depreciation rate, has an August 31 year end, and makes adjusting entries annually. (a) Your answer is correct. Record the acquisition of equipment on March 1, 2019. (List all debit entries before credit entries. 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.) Date Account Titles and Explanation Debit Credit Mar. 1 Equipment 118,750 Cash 118,750 Record depreciation at August 31, 2019,2020, and 2021. (List all debit entries before credit entries. 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. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit ug. 31, 2019 Depreciation Expense 11875 Accumulated Depreciation - Equipment 11875 ug. 31, 2020 Depreciation Expense 21375 Accumulated Depreciation - Equipment 21375 ug. 31, 2021 Depreciation Expense 17100 Accumulated Depreciation - Equipment 17100 Record the disposal of the equipment on November 30, 2021, under each of the following independent assumptions: (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) 1. It was sold for $59,410. 2. It was sold for $80,570. 3. It was retired for no proceeds. lo. Date Account Titles and Explanation Debit Credit Nov. 30 Depreciation Expense Accumulated Depreciation - Equipment (To record depreciation on equipment disposed) 1) Nov. 30 Cash Accumulated Depreciation - Equipment Loss on Disposal 1) Nov. 30 Cash Accumulated Depreciation - Equipment Loss on Disposal Equipment 2) Nov. 30 Cash Accumulated Depreciation - Equipment Gain on Disposal Equipment 3) Nov. 30 Accumulated Depreciation - Equipment Loss on Disposal Equipment