Prepare journal entries to record both the current year's depreciation and the disposal of the equipment at December 31. Additional Instruction PAGE 9 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT Dec. 31 Depreciation Expense 7,000.00 Accumulated Depreciation 7,000.00 Dec. 31 Cash 16,000.00 4 Accumulated Depreciation Gain on Disposal of Property, Plant, and Equipment 6 EquipmentInstructions At the beginning of the current year, Andy Company has equipment that originally cost $70,000, has $49,000 accumulated depreciation, and is being depreciated at $7,000 per year. Andy sells this equipment for $16,000 at the end of the current year. Required: Prepare journal entries to record both the current year's depreciation and the disposal of the equipment