The Vidalia Group sold one of its plant assets on June 1 of the current year for $780,000. The asset had an original cost of $1,200,500 and an estimated residual value of $53,000. The firm used the straight-line method of depreciation assuming an estimated useful life of fifteen years. The asset was in service for five years as of January 1 of the current year. Read the requirements 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 June 1 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 June 1