Barnhart's Sold a Piece of Restaurant Equipment to Another Restaurant $$\begin{array} { | l | l | l | } \hline \quad\quad& \quad&\quad \\\hline & & \\\hline & & \\\hline & & \\\hline\end{array}$$

question 135

Essay

Barnhart's sold a piece of restaurant equipment to another restaurant on July 1,2013 for $1,100 cash.The equipment originally cost $12,000,had an estimated life of 20 years,and an estimated salvage value of $2,000.Barnhart's had recorded total depreciation of $9,000 through the end of 2012,using the straight-line method.Barnhart's had to update the depreciation of the asset before recording the sale.After the depreciation was updated,Barnhart's then recorded the sale transaction.Please provide the entry for the sale transaction.
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Definitions:

Price

The financial sum foreseen, demanded, or offered in compensation for something.

Rental Outlets

Businesses that offer goods or services for temporary use in exchange for payment.

Complements

Goods or services that are used together, where the increase in consumption of one results in an increase in consumption of the other.

Price of Gas

The price of gas refers to the cost per unit of gasoline, which can fluctuate based on factors such as crude oil prices, supply and demand dynamics, taxes, and refinery operations.