Sold an equipment for $5420 cash proceeds. The equipment had an original cost of $18000 and was depreciated 80%. Write the journal entry for this transaction.

Property, Plant and Equipment Property, Plant and Equipment are stated on the basis of historical cost. Depreciation of buildings and equipment are computed for financial reporting purposes on a straight-line basis, using service lives of 25 years for buildings and 7 years for equipment. Salvage value is anticipated to be 25% of original cost for buildings and 10% of original cost for equipment. Sparky records depreciation monthly. The book values of these assets are presented below: Land $ 102,472 $595,000 (69 913) 826,220 292,127) Buildings Less: Accum. Depreciation 525,087 Equipment Less: Accum. Depreciation 534,093 Property, Plant & Equipment (net) $1,161,652