Company sold a flight equipment for $15 million cash at the end of its 17th year...

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Company sold a flight equipment for $15 million cash at the end of its 17th year of use. The flight equipment originally cost $75.5 million and was depreciated using the straight-line method with $0.5 million residual value and a useful life of 25 years. Prepare the journal entry to record the sale of the equipemnt at the end of the 17th year. Company sold a flight equipment for $15 million cash at the end of its 17th year of use. The flight equipment originally cost $75.5 million and was depreciated using the straight-line method with $0.5 million residual value and a useful life of 25 years. Prepare the journal entry to record the sale of the equipemnt at the end of the 17th year.