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On July 1, 2014, Sunland Enterprises sold equipment with an original cost of $80,700 for $31,300. The equipment was purchased January 1, 2011, and was

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On July 1, 2014, Sunland Enterprises sold equipment with an original cost of $80,700 for $31,300. The equipment was purchased January 1, 2011, and was depreciated using the straight-line method over a five-year useful life with a $8,600 salvage value. Prepare the journal entry to record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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