Sandhill uses the diminishing-balance method at one times the straight-line depreciation rate. Sandhill Limited purchased delivery equipment on March 1, 2019, for $117.500 dish. At that time, the equipment was estimated to have a useful life of five years and a residual value of $10,460. The equipment was disposed of on November 30, 2021. Sandhill uses the diminishing-balance method at one times the straight-line depreciation rate has an August 31 year end, and makes adjusting entries annually. Record the acquisition of equipment on March 1, 2019. (List all debit entries before credit entries. 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 for the amounts.) Record the disposal of the equipment on November 30, 2021, under each of the following independent assumptions: (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to decimal places, eg. 5,275. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) 1. 2. It was sold for $62,240. It was sold for $87.890. It was retired for no proceeds. 3. No. Date Account Titles and Explanation Debit Credit Nov. 30 Depletion Expense Accumulated Depreciation - Equipment No. Date Account Titles and Explanation Debit Credit Nov. 30 Depletion Expense I Accumulated Depreciation Equipment (To record depreciation on equipment disposed) (1) Nov. 30 Cash 62240 Accumulated Depreciation Equipment 53204 Gain on Disposal 2056 Equipment 11750 (2) Nov. 30 Cash 87890 Question 21 of 23 - /20 MIT Accumulated Depreciation - Equipment 53204 Gain on Disposal 2056 Equipment I 11750 (2) Nov. 30 Cash 87890 Accumulated Depreciation Equipment 53204 Gain on Disposal 2359 Equipment 11750 (3) Nov. 30 Accumulated Depreciation Equipment 53204 Loss on Disposal 64296 Equipment 11750