On March 1, 2018, Simran Company bought a new piece of equipment for $500,000 with a salvage value of $80,000 and a useful life of 7 years.

On December 31, 2019, Simran Company changes direction of the company and sells the equipment for $300,000.

What are the impacts to Simran Company's accounting equation for the sale of this equipment?

(Depreciation has already been updated prior to the sale and uses the straight-line method. Only record the impact from the sale journal entry below.)

If it increases put a + followed by the amount. If it decreases put a - followed by the amount. If there is no impact put +0. For example, if assets go up by $100 then put +100. No dollar signs or spaces!