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7. ABC Company owns equipment that cost $200,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on estimated residual value of $20,000 and an estimated useful life of 6 years. Required: Prepare Barbier Company's journal entries related to the disposal of the equipment in 2022 in the following two independent situations. (a) Retired the equipment on January 1, 2022. (b) Sold for $22,000 on January 1, 2022