An asset is purchased for £12,000 on l.l.XO and is estimated to have a useful life of four years with a residual value at the end of its useful life of £2,000. Its method of use is assumed to be straight line. On 1.5.X2 the asset is sold for £5,400. Assume a charge for depreciation is made in the year of purchase but not in the year of sale. Show the ledger entries required for all three years and identify what the balance is on the sale of asset account at 31.12.X2.