Prepare journal entries to record these transactions. (Credit account titles are automatically indented when 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.) (a) Crane Company retires its delivery equipment, which cost $48,880. Accumulated depreciation is also $48,880 on this delivery equipment. No salvage value is received. Assume the same information as in part (a), except that accumulated depreciation for the equipment is $37,570 instead of 48,880. (b) No. Account Titles and Explanation Debit Credit (a) (b) Sheridan Chemicals Company acquires a delivery truck at a cost of $30,200 on January 1, 2022. The truck is expected to have a salvage value of $2,800 at the end of its 5-year useful life. Compute annual depreciation for the first and second years using the straight-line method. First Year Second Year Annual depreciation under straight-line method $ $