! Required information M9-10 (Algo) Reporting and Recording the Disposal of a Long-Lived Asset (Straight-Line Depreciation) [LO 9-5] [The following information applies to the questions displayed below.] 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 $1,280 cash. The shelves originally cost $8,320 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $720. M9-10 (Algo) Part 2 2. Prepare the journal entry to record the sale of the shelving units. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet A Record the sale of the shelving units for $1,280. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal