Merry Yacht International is a worldwide operator, franchisor, and licensor of hotels, residential, and timeshare properties totaling nearly $1.6 billion in net property and equipment. Assume that MerryYacht replaced furniture that had been used in the business for five years. The records of the company reflected the following regarding the sale of the existing furniture: Furniture (cost) Accumulated depreciation $6,100,000 5,592,000 Required: 1. Prepare the journal entry for the disposal of the furniture, assuming that it was sold for: (if no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars not in millions.) a. $508,000 cash b. $1.607.000 cash c. $420,000 cash General Journal Debit Credit View transaction list View journal entry worksheet No Transaction 1 Cash Accumulated depreciation Furniture 2 b. Cash Accumulated depreciation Furniture Gain on sale of long-lived asset 3 Cash Accumulated depreciation Loss on sale of long-lived asset Furniture