Hayward Company sold equipment on May 1, 2030 for $69,000. The equipment had cost $150,000 and had $75,000 of accumulated depreciation as of January 1, 2030. Depreciation for the first 4 months of 2030 was $10,000. (Hint: If net book value of an asset is greater than the sales price, then, it will be loss. If the sales price is greater than the net book value of an asset, then, it will be gain. Also, keep in mind that accumulated depreciation is how much depreciation there has been. In this problem, you need to make sure to include all depreciation amounts up to sales date.) Prepare the journal entry to record the sale of the equipment. General Journals Account Titles and Explanation Debit ($) Credit ($) 69,000 Accumulated Depreciation 150,000 To record sale of equipment