Exercise 11-10 Disposal of property, plant, and equipment [L011-2] Mercury Inc. purchased equipment in 2016 at a cost of $383,000. The equipment was expected to produce 490,000 units over the next five years and have a residual value of $40,000. The equipment was sold for $199.100 part way through 2018. Actual production in each year was: 2016 = 70,000 units, 2017 111,000 units, 2018 56,000 units. Mercury uses units-of-production depreciation, and all depreciation has been recorded through the disposal date. Required 1. Prepare the Journal entry to record the sale. 2. Assuming that the equipment was sold for $235,100, prepare the journal entry to record the sale Complete this question by entering your answers in the tabs below Required 1Required 2 Prepare the journal entry to record the sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the sale. Note: Enter debits before credits. General Journal Event Debit Credit Record entry Clear entry View general jourmal Exercise 11-10 Disposal of property, plant, and equipment [LO11-2] Mercury Inc. purchased equipment in 2016 at a cost of $383,000. The equlpment was expected to produce 490,000 units over the next five years and have a resldual value of $40,000. The equipment was sold for $199,100 part way through 2018. Actual production in each year was: 2016 = 70,000 units, 2017 = 111,000 units, 2018 = 56,000 units. Mercury uses units-of-production depreciation, and all depreclation has been recorded through the disposal date. Required: 1. Prepare the journal entry to record the sale 2. Assuming that the equipment was sold for $235,100, prepare the journal entry to record the sale. Complete this question by entering your answers in the tabs below Required 1Required 2 Assuming that the equipment was sold for $235,100, prepare the journal entry to record the sale. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the sale of equipment. Note: Enter debits before credits. General Journal Event Credit Clear entry Record entry View general journal