Sandhill Co. purchased equipment on March 1, 2022, for $125,000 on account. The equipment had an estimated useful life of five years, with a residual value of $5,000. The equipment is disposed of on February 1, 2025. Sandhill Co. uses the diminishing-balance method of depreciation with a 20% rate and calculates depreciation for partial periods to the nearest month. The company has an August 31 year end. Record the acquisition of the equipment on March 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles Debit Credit Mar. 1 Record depreciation at August 31, 2022, 2023, and 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) 2022 Date Account Titles Aug. 31 2023 Debit Credit Date Account Titles Debit Credit Aug. 31 2024 Date Aug. 31 Account Titles Debit Credit Record the disposal on February 1, 2025, under the following assumptions: 1. It was scrapped with no residual value. 2. It was sold for $70,700. 3. It was sold for $60,850. 4. It was traded for new equipment with a list price of $97,000. Sandhill was given a trade-in allowance of $53,000 on the old equipment and paid the balance in cash. Sandhill determined the old equipment's fair value to be $63,000 at the date of the exchange. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles 2025 Feb. 1 Debit Credit 1. Feb. 1 (To record depreciation expense.) 2. Feb. 1 (To record disposal.) 3. Feb. 1 (To record disposal.) 4. Feb. 1 (lo record disposal.) (To record disposal.)