Ng's Shrimp Company owns a fishing vessel that originally cost $250,000, with a 20-year life, and no anticipated salvage value. Ng uses the straight-line depreciation method. Review the following three independent cases, and prepare the journal entry t

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Ng's Shrimp Company owns a fishing vessel that originally cost $250,000, with a 20-year life, and no anticipated salvage value.   Ng uses the straight-line depreciation method.  Review the following three independent cases, and prepare the journal entry to reflect the disposition of the boat in each case.
   
Case 1After 8 years of ownership, the boat was taken by a storm. 
   
Case 2After 12 years of ownership, the boat was sold for $175,000. 
   
Case 3After 15 years of ownership, the boat was sold for $60,000. 
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