Prepare the journal entry to record the disposal of the plant asset in each of the following transactions. Assume that depreciation was updated until the date of disposal a. Warren Paints purchased machinery for $40,000 on 1/1/2011. It was expected to have a useful life of ten years, no salvage value, and was depreciated using the straight-line method. On 12/31/2020 (end of useful life), it was retired from service with no sale price. b. On July 1, 2020, Low Enterprises sold equipment with an original cost of $85,000 for $50,000 cash. The equipment was purchased January 1, 2019 and was depreciated using the straight-line method assuming a five-year useful life and $5,000 salvage value. ALT+F10 PC or ALT+FN+F10 (Mac)