9.

On January 2, Year 1, Taylor Company purchased equipment costing $29,100, with an estimated salvage value of $1,200 and an estimated useful life of 9 years. On December 31, Year 3, Taylor Company sold the equipment to Used Machine Company for $16,584. Required: Prepare the journal entry to record the sale of the asset. Note: Assume that Taylor Company uses the straight-line depreciation method and that depreciation has already been recorded for the current year. Date Account Title Debit Credit s