Lynn Company owns equipment that cost $120,000 when purchased on January 1, 2018. It has been depreciated using the straight- line method based on estimated salvage value of $15,000 and an estimated useful life of 5 years. Prepare Lynn Company's journal entries to record the sale of the equipment in these four independent situations. (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.) (a) (b) (c) (d) Sold for $58,000 on January 1, 2021. Sold for $58,000 on May 1, 2021. Sold for $32,000 on January 1, 2021. Sold for $32,000 on October 1, 2021. Date Account Titles and Explanation Debit Credit (a) Cash 58000 Accumulated Depreciation Equipment 63000 Equipment 120000 Gain on Disposal of Plant Assets 1000 (b) Depreciation Expense 7000 Accumulated Depreciation-Equipment 7000 (To record depreciation expense) Cash Accumulated Depreciation-Equipment (To record disposal of equipment at a gain) (c) Cash 32000 Accumulated Depreciation Equipment (To record disposal of equipment at a gain) (c) Cash 32000 Accumulated Depreciation Equipment 63000 Loss on Disposal of Plant Assets 25000 Equipment 120000 (d) Cash 32000 Accumulated Depreciation-Equipment 78750 (To record depreciation expense) Loss on Disposal of Plant Assets 9250 Equipment 120000 (To record disposal of equipment at a loss)