(Click on the icon to view the amounts.) Requirement 1. Assume that on January 1, 2018, Hanson sold one-eighth of its plant and equipment for $73,750 in cash. Joumalize this transaction for Hanson. (Record debits first, then credits Exclude explanations from any journal entries) Date Jan 1 Cash Journal Entry Accounts Debit Credit Data table 73,750 Accumulated depreciation, plant and equipment Plant and equipment Gan on sale of assets 2017 December 31 2016 Plant and equipment Less: Accumulated depreciation Net plant and equipment $ 620,000 $610,000 190,000 180,000 430,000 $430.000 Print Done