On January 1, 2016. Horton Inc. sells a machine for $22,200. The machine was originally purchased on January 1, 2014 for $42,500. The machine was estimated to have a useful life of 5 years and no residual value. Horton uses straight-line depreciation. a. 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 View journal entry worksheet No Transaction General Journal Debit 22,200 Equipment Cash Credit 22,200