On January 2, Year 1, Campbell Company purchased equipment costing $53,900, with an estimated salvage value of $1,700 and an estimated useful life of 12 years. On December 31, Year 2, Campbell Company sold the equipment to Used Machine Company for $32,590. Required: Prepare the journal entry to record the sale of the asset. Note: Assume that Campbell Company uses the straight-line depreciation method and that depreciation has already been recorded for the current year. Date Account Title Debit Credit (Choose one) Accumulated Depreciation Cash Loss on Disposal Equipment Gain on Disposal