On January 2, Year 1, Harris Company purchased equipment costing $34,200, with an estimated salvage value of $1,400 and an estimated useful life of 8 years. On December 31, Year 7. Harris Company sold the equipment to Used Machine Company for $4,392. Required: Prepare the journal entry to record the sale of the asset. Show transcribed image text On January 2, Year 1, Harris Company purchased equipment costing $34,200, with an estimated salvage value of $1,400 and an estimated useful life of 8 years. On December 31, Year 7. Harris Company sold the equipment to Used Machine Company for $4,392. Required: Prepare the journal entry to record the sale of the asset.
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