Questions: Nix Company owns equipment that cost $140,000 when purchased on January 1, 2011. It has been depreciated using the straight-line method based on estimated salvage value of $14,000 and an estimated useful life of 10 years. (3 Marks) Instructions: Prepare Nix Company's journal entries to record the sale of the equipment in these four independent situations. Update depreciation on assets disposed of at time of sale. (a) Sold for $80,000 on January 1, 2014. (b) Sold for $80,000 on April 1, 2014. (c) Sold for $30,000 on January 1, 2014. (d) Sold for $30,000 on September 1, 2014 (e) Repeat (a), assuming Nix uses double-declining balance depreciation. (e) Repeat (C), assuming Nix uses double-declining balance depreciation