Summit Company owns equipment that cost $$45,000$ when purchased on January $1,2017.$ It has been depreciated using the straight$-$line method based on estimated salvage value of $$5,000$ and an estimated life of $5$ years.

Prepare the journal entries to record the sale of the equipment in these two independent situations.

Sold for $$25,000$ on January $1,2020$

Sold for $$10,000$ on May $1,2020$

SHOW YOUR WORK

$\backslash$table$[[$Account Titles and Explanation,Ref,Debit,Credit$],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$