Brief Exercise 7-35 (Algorithmic) Disposal of an Operating Asset Jolie Company owns equipment with a cost of $445,000 and accumulated depreciation of $231,40o. Required Prepare the journal entry to record the disposal of the equipment on April 9 assuming: 1. Jolie sold the equipment for $235,000 cash. If an amount box does not require an entry, leave it blank. Apr.9 Accumulated Depreciation y Cash Gain on Disposal of Property, Plant, and Equipment Equipment Y Feedback 7 Check My Viork 1. The book vatue tboth the cost and accumulated deprecation accounts) at the date of disposition should be remove 1 between the cash proceeds and the book value) should be recognized 2. Jolie sold the equ ipment for $198,600 cash. If an amount box does not require an entry, leave it blank. Accumulated Depreciation Apr. 9 Cash V Loss on Disposal of Property, Plant, and Equipment V ( ) Equipment V Feedback