Q8. The following information is taken from Footnote 4 of Jacob Corporation. (In Thousands) PP\&E Accumulated Depreciation The following information is extracted from the Statement of Cash Flows. Cash flow from Operating Activities Net Income Depreciation for the year Loss (gain) on sale of assets Cash flow from Investing Activities Purchase of assets Disposal of assets 3,410 2,300 39 4,721 600 Assume that there was no non-cash acquisitions of PP\&E during year. Record the journal entry for sale of PP\&E assets during the year. Selling Price Gain on Sale Book value of asset sold PP\&E Beginning Balance Purchases Cost of PPE sold Ending Balance Accumulated Depreciation of asset sold \begin{tabular}{|l|} \hline \\ \hline \\ \hline \\ \hline \end{tabular} \begin{tabular}{|l|} \hline \\ \hline \\ \hline \\ \hline \\ \hline \end{tabular} DEBIT CREDIT Journal Entry: \begin{tabular}{|l|l|l|} \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular}