On April 1, 2020, Sagan Realty disposed of an automobile that had cost $50,000 on January 1, 2018.

The automobile had a residual value of $8,000, and a useful life of 5 years.

The accounting records showed accumulated depreciation for this asset of $16,800 at December 31, 2019.

The asset was discarded after an accident, and $11,500 was received from an insurance claim.

Prepare the journal entry to record the disposal of the automobile