Prepare all necessary journal entries for 2020, 2021, and 2022 related to each of the following scenarios: Astrom Ltd. purchased a piece of equipment on January 1, 2020, for $49,200. At the time, management determined that the equipment would have a 4-year useful life and a residual value of $4,800. Astrom uses the straight-line depreciation method for its equipment, and the company has a December 31 year end. (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 Astrom Ltd. purchased a piece of equipment on January 1, 2020, for $49,200. At the time, management determined that the equipment would have a 4-year useful life and a residual value of $4,800. Astrom uses the double-diminishing-balance depreciation method for its equipment, and the company has a December 31 year end. (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 Astrom Ltd. purchased a piece of equipment on May 12, 2020, for $49,200. At the time, management determined that the equipment would have a 4-year useful life and a residual value of $4,800. Astrom uses the straight-line depreciation method for its equipment, and the company has a December 31 year end. Also assume that Astrom sold the equipment on September 25, 2022, for $20,375. Hint: Depreciate to the nearest full month. (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 (To record depreciation expense) Debit Credit Sept. 25, 2022 (To record depreciation expense) (To record sale of equipment)