On January 2, Year 1, Turner Company purchased equipment costing $65,600, with an estimated salvage value of $3,300 and an estimated useful life of 7 years. On December 31, Year 4, Turner Company scrapped the equipment. Required: Prepare the journal entry to record the scrapping of the asset. Note: Assume that Turner Company uses the straight-line depreciation method and that depreciation expense has already been recorded for the current year Date Account Title Debit Credit