Assignment #7 - Chapter 8 ./1 Question 3 of 3 View Policies Current Attempt in Progress On July 1, 2016, Steelman Company acquired a new equipment for 5140,000 and estimated it would have a useful life of 10 years and residual value of $6,500. At the beginning of 2019, the company decided that the equipment would be used for nine more years including all of 2019), and at the end of this time its residual value would be only $785.On November 1, 2020, the equipment was sold for $80,000. The company uses the straight-line method of depreciation and closes its books on December 31 Give the necessary journal entries for the acquisition depreciation, and disposal of this asset for the years 2016, 2019 and 2020 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.) Account Titles and Explanation Debit Credit Date July 1, 2016 Dec 31, 2016 Dec 31, 2019 ent #7 - Chapter 8 Question 3 of 3 Dec. 31.2016 Dec 31, 2019 Nov. 1.2020 (To record depreciation expense) Nov. 1. 2020 (To record sale of equipment)