Question #6 Lynn Company owns equipment that cost $120,000 when purchased on January 1, 2012. It has been depreciated using the straight-line method based on estimated salvage value of $15,000 and an estimated useful life of 5 years. Instructions Prepare Lynn Company's journal entries to record the sale of the equipment in these four independent situations (a) (b) (c) (d) Sold for $58,000 on January 1, 2015 Sold for $58,000 on May 1, 2015 Sold for $32,000 on January 1, 2015. Sold for $32,000 on October 1, 2015