ABC Catering Service purchased equipment on January 1, 2010, for \($58,500\). ABC Catering Service expected the equipment to last for 6 years and to have a residual value of \($4,500\). Suppose ABC Catering Service sold the equipment for \($43,000\) on December 31, 2012, after using the equipment for three full years. Assume depreciation for 2012 has been recorded.
Requirement
1. Journalize the sale of the equipment, assuming straight-line depreciation was used.