On January 2, Year 1, Barnes Company purchased equipment costing $42,800, with an estimated salvage value of $2,000 and an estimated useful life of 6 Years. On December 31, Year 3, Barnes Company sold the equipment to Used Machine Company for $18,414. Required: Prepare the journal entry to record the sale of the asset Note: Assume that Barnes Company uses the straight line denceclation method and that depreciation has already been recorded for the current year. Date Account Te Debit Credit