Computing Depreciation, Asset Book Value, and Gain or Loss on Asset Sale Sloan Company uses its own executive charter plane that originally cost $1,200,000. It has recorded straight-line depreciation on the plane for 6 full years, with a $120,000 expected salvage value at the end of its estimated 10 year useful life. Sloan disposes of the plane at the end onear 6. a. Determine the following as of the disposal date: Accumulated depreciation $ Net book value $ 1). Prepare a journal entry for the sale of the plane, assuming that the sales price is: 1. Cash equal to the book value ofthe plane. 2. $300,000 cash. 3. $900,000 cash, If there are more debit or credit rows than needed to record the entry, 'select 'No debit' or 'No credit' in the Account field. Amount fields in those rows can be left blank. HINT: Account names in credit rows are indented. Account Debit Credit V V V V V To record sale of plane for amount in b(1_). V