H2O Inc. purchased construction equipment on January 1, 2024…
H2O Inc. purchased construction equipment on January 1, 2024 for a cost of $890,000. On January 1, 2025, the balance of accumulated depreciation was $89,000. Six months later on July 1, 2025, H20 sold the equipment when the balance of accumulated depreciation was $133,500. The equipment sold at a price of $715,000. The journal entry to record this sale would