On May 31, 2015, K. Graf Company sold a piece of machinery it purchased on January 1, 2008, with an original cost of $287,400. The asset had a useful life of 14 years and a scrap value of $69,000. t sold the asset for $258,000 in cash. Graf recorded depreciation through December 31, 2014, using the straight-line method. What was the carrying value of the asset on the date of sale? What is the gain or loss on disposal? Record the jounal entry for the sale. Determine the carrying value of the asset on the date of sale. The carrying value of the asset on the date of sale is S Identify the gain or loss on disposal of the asset. The Record the journal entry for the sale. (Record debits first, then credits. Exdude explanations from any joumal entries.) on the disposal of the asset is $ Account May 31, 2015