Problem III Pence Corporation purchased an automobile on January 1, 2019 for $25,000. The Accumulated Depreciation account for the automobile showed a credit of $10,000 on January 1, 2021. Pence sold the automobile that very day for $11,500. Required: Make the journal entry for Pence Corporation for the 1/1/21 sale. Problem IV: On January 1, 2021 Barr and Sessions decided to form a partnership called BS Associates. Barr contributed Cash $75,000; Equipment which originally cost $30,000 and accumulated depreciation of $16,000 and whose market value that date was $9,000; and Accounts Payable of $5,000. Sessions contributed Cash $40,000; and land purchased for $100,000 ten years ago but is now worth $280,000. There is also a mortgage of $50,000 on the land. Required: Make the journal entries for the formation of the partnership on 1/1/20