Georgia Company purchased equipment in 2001 for $90,000 and estimated a $6,000 salvage value at the end of the equipment's 10-year useful life.
At December 31, 2007, there was $58,800 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation.
On March 31, 2008, the equipment was sold for $24,000.
Prepare the appropriate journal entries to remove the equipment from the books of Georgia Company on March 31, 2008.