Partially Correct One or more of the account tities you entered are incorrect On January 2, Year 1, Hernandez Company purchased equipment costing $17,600, with an estimated salvage value of $1,100 and an estimated useful life of 11 years. On December 31, Year 4, Hernandez Company sold the equipment to Used Machine Company for $12,472. Required: Prepare the journal entry to record the sale of the asset Note: Assume that Hernandez Company uses the straight-line depreciation method and that depreciation has already been recorded for the current year. Date Account Title Debit Credit Dec. 31 Cash 12.472 Loss on Disposal 5,128 Accumulated Depreciation 6.000 Equipment 17.600 Recheck Try one last time Save For Later Submit Assignment