Lue Company sold used equipment for $470.000 cash. The equipment was purchased 5 years ago for a cost of $840,000. it has been depreciated using the straight-line method over an estimated useful life of 10 years with an estimated residual value of $70,000. Required: Prepare the joumal entry at the end of year five for the asset's disposal assuming the fifth year's depreciation had been recorded. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the $470,000 sale of equipment, purchased 5 years ago, for $840,000 with an estimated residual value of $70,000 and an estimated useful life of 10 years, assuming the fint year's depreciation had been recorded. Note: Enter debats before credits