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M$9-10($Algo$)$ Reporting and Recording the Disposal of a Long$-$Lived Asset $($Straight$-$Line Depreciation$)[$LO $9-5]$

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As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Incorporated, sold shelving units $($recorded as Equipment$)$ that were $10$ years old for $$1,220$ cash. The shelves originally cost $$8,080$ and had been depreciated on a straight$-$line basis over an estimated useful life of $10$ years with an estimated residual value of $$680.$

M$9-10($Algo$)$ Part $1$

Required:

Complete the accounting equation below, indicating the account, amount, and the effect of disposal. Assume that depreciation has been recorded to the date of sale. $($Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign. Do not round intermediate calculations.$)$