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In: AccountingFaster Company purchased equipment in 2010 for $104,000 andestimated an $8,000 salvage value at the...Faster Company purchased equipment in 2010 for $104,000 andestimated an $8,000 salvage value at the end of the equipment's10-year useful life. At December 31, 2016, there was $67,200 in theAccumulated Depreciation account for this equipment using thestraight-line method of depreciation. On March 31, 2017, theequipment was sold for $21,000. Preparethe appropriate journal entries to remove the equipment from thebooks of Faster Company on March 31, 2017.(b) Lewis Company sold equipment for $11,000.The equipment originally cost $25,000 in 2014 and $6,000 was spenton a major overhaul in 2017 (charged to the Equipment account).Accumulated Depreciation on the equipment to the date of disposalwas $20,000. Preparethe appropriate journal entry to record the disposition of theequipment.(c) Selby Company sold equipment that had abook value of $13,500 for $15,000. The equipment originally cost$45,000 and it is estimated that it would cost $57,000 to replacethe equipment. Preparethe appropriate journal entry to record the disposition of theequipment.