Question: Please respond asap I will give thumbs up ! On January 2, Year 1, Torres Company purchased equipment costing $9,500, with an estimated salvage value

Please respond asap I will give thumbs up !

On January 2, Year 1, Torres Company purchased equipment costing $9,500, with an estimated salvage value of $2,500 and an estimated useful life of 7 years. On December 31, Year 2, Torres Company sold the equipment to Used Machine Company for $5,703. Required: Prepare the journal entry to record the sale of the asset. Note: Assume that Torres Company uses the straight-line depreciation method and that depreciation has already been recorded for the current year. Date Account Title Debit Credit

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