Required information [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 $1,340 cash. The shelves originally cost $8,560 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $760. 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 $1,340. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Cash 1,340 Accumulated Depreciation-Equipment Equipment