On January 2, Year 1, Adams Company purchased equipment costing $19,100, with an estimated salvage value of $1,550 and an estimated useful life of 9 years.

On December 31, Year 8, Adams Company sold the equipment to Used Machine Company for $4,471.

Required:

Prepare the journal entry to record the sale of the asset.

Note: Assume that Adams Company uses the straight-line depreciation method and that depreciation has already been recorded for the current year