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On January 2, Year 1, Dlaz Con pany purchased equipment costing $42,700, with an estimated salvage value of $1,750 and an estimated seboetine of 6 years. On December 31, Year 3, Diaz Company sold the equipment to Used Machine Company for $24,881. Required: Prepare the journal entry to record the sale of the asset Note: Assume that Diaz Company uses the straight-line depreciation method and that depreciation has already been recorded for the current year Date Account Titio Debit Credit