Shown below are the T-accounts relating to equipment that was purchased for cash by a company on the first day of the current year. The equipment was depreciated on a straight-line basis with an estimated useful life of 10 years and a salvage value of $80. Part of the equipment was sold on the last day of the current year for cash proceeds. Dec. 31 Jan. 1 458 Cas Jan. 1 464 Equipment 1,030 Dec. 31 Accumulated Depreciation Equipment Dec. 31 50 Dec. 31 Depreciation Expense (b) Gain on Disposal of Plant Assets Dec. 31 Dec. 31 Dec. 31 Prepare the journal entry to record sale of part of the equipment on December 31. (Credit account titles is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titi Date Account Tities and Explanation Debit Credit Dec. 31 What was the gain on disposal? Gain on Disposal of Plant Assets Dec. 31 Ctrl) - 10:47 PM RA 2/21/2020