On January 4, 2006, Blue Company purchased for $900,000 equipment having an estimated useful life of 10 years with an estimated salvage value of $50,000. Required: Using the facts above, assume the equipment was sold for $400,000 cash on Jan. 2, 2008. Prepare the journal entry to record the sale assuming Blue used the DoubleDeclining Balance Method for the previous years to record depreciation expense