16.

On January 2, Year 1, Patterson Company purchased equipment costing $17,200, with an estimated salvage value of $2,500 and an estimated useful life of 7 years. On December 31, Year 3, Patterson Company sold the equipment to Used Machine Company for $9,191. Required: Prepare the journal entry to record the sale of the asset. Note: Assume that Patterson Company uses the straight-line depreciation method and that depreciation has already been recorded for the current year. Date Account Title Debit Credit s