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On January 2, Year 1, Robinson Company purchased equipment costing $39,200, with an...

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Accounting

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On January 2, Year 1, Robinson Company purchased equipment costing $39,200, with an estimated salvage value of $2,900 and an estimated useful life of 12 years. On December 31, Year 2, Robinson Company sold the equipment to Used Machine Company for $41,779. Required: Prepare the journal entry to record the sale of the asset. Note: Assume that Robinson Company uses the straight-line depreciation method and that depreciation has already been recorded for the current year. Date Account Title Debit Credit

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