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Howarth Manufacturing Company purchased equlpment on June 30, 2017, at a cost of $165,000. The residual value of the equlpment was estimated to be $15,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $50,000. Howarth uses the stralght-line depreclation method for all of its plant and equipment. Partlal-year depreclation is calculated based on the number of months the asset is in service. Required: 1. Prepare the journal entry to record the sale. 2. Assuming that Howarth had Instead used the double-declining-balance method, prepare the Journal entry to record the sale. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assuming that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Event General Journal Debit Credit 1 Cash 50,000 Accumulated depreciation-equipment 127,500 Gain on sale of equipment 12,500 Equipment 165,000 Required 1 Required 2