A company decides to sell equipment it has owned and operated for the past five years. The equipment's original estimated useful life was eight years. Management calculates the loss on the sale as the equipment's original purchase price minus its selling price and insists you sign off on the transaction. You should: Adjust the journal entry to subtract the equipment's accumulated depreciation from the original purchase price before calculating any loss. Do nothing the entry is correct Report this entry to the SEC and/or IRS Make the entry required by management because this treatment is ethical if the asset is at least five years old