Pure Sound Systems used one sound system as a floor model. It cost \(\$ 3,600\) and had an original selling price of \(\$ 4,800\). After six months, the sound system was damaged and replaced by a newer model. The sound system had an estimated selling price of \(\$ 2,880\), but when the company performed \(\$ 480\) in repairs, it could be sold for \(\$ 3,840\). Prepare the journal entry, if any, that must be made on Pure Sound's books to record the decline in market value.