Part 4 of 4 Sale of an Asse Great Value Company purchased equipment on January 1, 2020, for $75,000, with an estimated useful life of 7 years and an estimated residual value of $5,000. The company uses the straight-line method of depreciation. On July 1, 2022, the equipment was sold for $32,500 cash. Accumulated depreciation of $25,000 had been recorded up to the day of the sale Question 1 of 1 Prepare the journal entry for the sale of the equipment on July 1, 2022. Account Names DR CR