Question $1$

On Apnil $1,2023,$ Lockhart Company discarded equipment that cost $$80,000,$

had a useful life of $5$ years, a residual value of $$14,000,$ and, under straight$-$line depreciation,

accumulated depreciation as of December $31,2022$ of $$26,400.$

$($a$)$ Prepare the journal entry to record depreciation up to the date of disposal of the equipment.

$($b$)$ Prepare the journal entry to record the disposal of the equipment.