On April $1,2020,$ Elway inc purchases a piece of equipment for $$55,000.$ The equipment has a $$3,000$ salvage value and a usefut life of $4$ years of $130,000$ units of production.

Elway uses the straight line method of depreciation.

On April $1,2023,$ Flway sells the equipment for $$15,000$ cash. Prepare the journal entry to record the disposal of the equipment.

Cash

$[$dr$]$ Accurnulated Depreciation

$|$dr$|$

$($seetect$)$

Equipment: