Mercury Inc. purchased equipment in 2016 at a cost of $110,000. The equipment was expected to produce 380,000 units over the next five years and have a residual value of $34,000. The equipment was sold for $63,400 part way through 2018. Actual production in each year was: 2016 = 54,000 units; 2017 = 86,000 units; 2018 = 43,000 units. Mercury uses units-of-production depreciation, and all depreciation has been recorded through the disposal date. 15 points Required: 1. Prepare the journal entry to record the sale. 2. Assuming that the equipment was sold for $84,400, prepare the journal entry to record the sale. eBook Complete this question by entering your answers in the tabs below. Print References Required 1 Required 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