As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Inc. sold shelving units (recorded as Equipment) that were 10 years old for $1,010 cash. The shelves originally cost $7,240 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $540.

M9-10 Part 2 2. Prepare the journal entry to record the sale of the shelving units. (If no entry is required fora transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet Record the sale of the shelving units for $1,010. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal