Please correct the values in the red box. Logan Company owns equipment that cost $\backslash (\backslash$$ $140,000\backslash )$ when purchased on January $1,2018.$ It has been depreciated using the straightline method based on estimated salvage value of $\backslash (\backslash$$ $14,000\backslash )$ and an estimated useful life of $5$ year.

Prepare Logan Company's journal entries to record the sale of the equipment in five independent situations. Update depreciation on assets disposed of at time of sale. Your answer is partially correct.

$($d$)$ Sold for $\backslash (\backslash$$ $35,000\backslash )$ on September $1,2021.($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 $0$ for the amounts.$)$

Account Titles and Explanation

Accumulated Depreciation$-$Equipment

$($To record depreciation expense$)$

Accumulated Depreciation$-$Equipment

Loss on Disposal of Plant Assets

Equipment

$($To record sale of equipment$)$