On 8/3/2020, Beige Co. sold a used equipment that had been used in the business for five years. The records of the company reflected the following: $980 Equipment original cost Accumulated depreciation (on 8/3/2020) 500 Assuming that the equipment was sold for $600 cash, Prepare the journal entry that should be recorded for the equipment disposal on 8/3/2020 by filling "debit" or "credit" in the blank in front of each account, and filling the amount in the blank after each account (e.g., Credit Tax Payable 1000). Accumulated Depreciation Gain (or Loss) from the Disposal Cash Equipment Indicate the direction of effects of the journal entry on the elements of the balance sheet and income statement. Fill in each blank with "Increase", "Decrease", or "No Effect". Assets: Liabilities: Stockholders' Equity: Net Income