View Worked Example On January 2, Year 1, Perez Company purchased equipment costing $53,200, with an estimated salvage value of $1,800 and an estimated useful life of 8 years. On December 31, Year 3, Perez Company sold the equipment to Used Machine Company for $23,899 Required: Prepare the journal entry to record the sale of the asset. Note: Assume that Perez Company uses the straight-line depreciation method and that depreciation has already been recorded for the current year Date Account Title Debit Credit (Choose one) Cash Equipment Gain on Disposa Clear Undo Help