Howarth Manufacturing Company purchased equipment on June $30,2020,$ at a cost of $$100,000.$ The residual value of the equipment was estimated to be $$10,000$ at the end of a five$-$year life. The equipment was sold on March $31,2024,$ for $$24,000.$ Howarth uses the straight$-$line depreciation method for all of its plant and equipment. Partial$-$year depreciation is calculated based on the number of months the asset is in service.

Required:

Prepare the journal entry to record the sale.

Assuming that Howarth had instead used the double$-$declining$-$balance method, prepare the journal entry to record the sale.