ogan Company owns equipment that cost $140,000 when purchased on January 1, 2018. It has been depreciated using the straight-line method based on estimated salvage value of $14,000 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. (e) Sold for $35,000 on January 1, 2021, assuming Logan uses double-declining balance depreciation.