years on January 2, Year 1, Baker Company purchased equipment costing $21,400, with an estimated salvage value of $2,200 and an estimated useful life of 12 On December 31, Year 2, Baker Company sold the equipment to Used Machine Company for $23,399, Required: Prepare the journal entry to record the sale of the asset. Note: Assume that Baker Company uses the straight line depreciation method and that depreciation has already been recorded for the current year. Date Account Title Debit Credit