On January 2, Year 1, Peterson Company purchased equipment costing $6,600, with an estimated salvage value of $2,400 and an estimated useful life of 7 years. On December 31, Year 3, Peterson Company sold the equipment to Used Machine Company for $4,392 Required: Prepare the journal entry to record the sale of the asset. Note: Assume that Peterson Company uses the straight line depreciation method and that depreciation has already been recorded for the current year, Dabe Account Title Debit Credit