Understanding the Business Transaction A fixed asset is sold when a company Coburn Company purchases equipment on January 1, 20x1 with the following information: Initial cost Expected useful life Estimated residual value Depreciation Method On January 1, 20x4, Coburn sells the equipment for cash of $93,955. Calculate the following information related to Coburn's equipment on the date of sale. $122,100 10 2,100 Straight Line Annual Depreciation Expense Age (number of years depreciated) Accumulated Depreciation Book Value on Date of Sale Gain (Loss) on Sale Recording in the Accounting System Prepare the journal entry to record the sale of the equipment by Coburn on January 1, 20x4: If an amount box does not require an entry, leave it blank. 1/1/84