M9-10 (Algo) Reporting and Recording the Disposal of a Long-Lived Asset (Straight-Line Depreciation) [LO 9.5) The following information applies to the questions displayed below] As part of a major renovation at the beginning of the year, Atlase Pharmaceuticals, Incorporated, sold shelving units (recorded as Equipment) that were 10 years old for $1,370 cash. The shelves originally cost $8,680 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $780 M9-10 (Algo) Part 1 Required: 1. Complete the accounting equation below, indicating the account, amount, and the effect of disposal. Assume that depreciation has been recorded to the date of sale. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign. Do not round intermediate calculations.) Assets Stackhidery Equity ation applies to the 5329 As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Incorporated, sold shelving units (recorded as Equipment) that were 10 years old for $1,370 cash. The shelves originally cost $8,680 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $780. M9-10 (Algo) Part 2 2. Prepare the journal entry to record the sale of the shelving units. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Book Print View transaction list Journal entry worksheet < A eferences Record the sale of the shelving units for $1,370. Note: Enter debits before credits Transaction 1 General Journal Dabit Credit Record entry Clear entry View general journal