E8-17 LO8-5 Recording the Disposal of an Asset at Three Different Sale Prices Marriott International is a worldwide operator, franchisor, and licensor of hotels, residential, and time share properties totaling nearly $1.8 billion in net property and equipment. Assume that Marriott replaced furniture that had been used in the business for five years. The records of the company reflected the follow ing regarding the sale of the existing furniture: Furniture (cost) Accumulated depreciation $8,000,000 7.700,000 Required: 1. Give the journal entry for the disposal of the furniture, assuming that it was sold for a. $300,000 cash b. $900,000 cash C $100,000 cash 2. Based on the three preceding situations, explain the effects of the disposal of an asset