Prepare the appropriate journal entry for each of the following transactions:

Chapter 8 -Reporting and Analyzing Long-Term Operating Assets 10 4-5 a.) Wentross Company sold equipment that had a book value of $13,500 for $11,000. The equipment. originally cost $45,000. b.) Madison Company purchased equipment for $128,000 with an estimated salvage value of $10,000 and a 10 -year useful life. After five years, the equipment was sold for 567.500. The company uses the straight-line method of depreciation