Requirements eparethe ournal enty reguiretorrtheereiaton fr he curent year b. Prepare the journal entry required to record the sale of the asset. (Do not round intermediary calculations) The Sawyer Group sold one of its plant assets on May 1 of the current year for $250,000. The asset had an original cost of $600,500 and an estimated residual value of $86,000. Sawyer used the straight-ine method of depreciation assuming an estimated useful life of seven years. The asset was in service for five years as of January 1 of the current year Read the fequirements Requirement a. Prepare the journal entry required to record the depreciation for the current year. (Record debits first, then credits. Exclude explanations from any journal entries.) Account May 1 The Sawyer Group sold one of its plant assets on May 1 of the current year for $250,000. The asset had an original cost of $600,500 and an estimated residual value of $86,000. Sawyer used the straight-ine method of depreciation assuming an estimated useful life of seven years. The asset was in service for five years as of January 1 of the current year Read the requirements. Requirement b. Prepare the journal entry required to record the sale of the asset. (Record debits first, then credits. Exclude explanations from any journal entries.) Account May 1 umber in the innut fields and then continue to the next auestion