Crane Co. purchased equipment on March 1, 2019, for $105,000 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 1,2022 . Crane 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. Your answer is correct. Record the acquisition of the equipment on March 1, 2019. (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.) Record depreciation at August 31, 2019, 2020, and 2021. (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.) 2020 Date Account Titles and Explanation Aug. 31 Equipment AccumulatedDepreciation-Equipment (To record depreciation expense.) 2021 Date Account Titles and Explanation Aug. 31 Equipment \begin{tabular}{l} Debit \\ \hline12320 \\ \hline \end{tabular} Accumulated Depreciation - Equipment Record the disposal on February 1, 2022, under the following assumptions: (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 0 for the amounts.) 1. It was scrapped with no residual value. 2. It was sold for $60,060. 3. It was sold for $50,370. 4. It was traded for new equipment with a list price of $95,000. Crane was given a trade-in allowance of $51,000 on the old equipment and paid the balance in cash. Crane determined the old equipment's fair value to be $52,520 at the date of the exchange. 10.99/20 \begin{tabular}{|l|l|} \hline Equipment \\ \hline \end{tabular} (To record depreciation expense.) 44280 60060 \begin{tabular}{|l|l|l|l|} \hline Equipment \\ \hline Gain on Disposal & & \\ \hline \hline \end{tabular} \begin{tabular}{|} \hline 49280 \\ \hline \end{tabular} (To record disposal.) \begin{tabular}{|l|} \hline \end{tabular} \begin{tabular}{|l|} \hline 10780 \\ \hline \end{tabular} 2. Feb. Question 4 of 4 (To record disposal.) 10.99/20 2. Feb. 1 \begin{tabular}{|l|} \hline \end{tabular} (To record disposal.) 3. Feb. Cash Loss on Disposal (To record disposal.) 4. Feb. Question 4 of 4 10.99/20: (To record disposal.) 4. Feb. 1 (To record disposal.) eTextbook and Media List of Accounts