A used piece of shop equipment was sold for $1995.00. The equipment was purchased at a total cost of $7200.00 early in 2001. Using units of production depreciation method, the accumulated depreciation account balance at the end of the third quarter (September 30 of the current year) totals $2850.00. Depreciation is recorded at the rate of $2.00 per hour of operation. From October 1 to December 24 of this quarter, an additional 234 hours of operation have been accumulated. Two entries are required to properly record this sale.