A machine bought, depreciated for a year, then sold

Transaction

On January 1 last year a company bought a machine for $18,000.00. It depreciates it straight-line over 6 years with no salvage value, and it recorded last year's depreciation on December 31. On January 1 this year it sells the machine for $11,000.00 cash. Record the sale.

Assumptions: Depreciation is accumulated in Accumulated Depreciation. One full year of depreciation has been recorded; none is due for this year before the sale. Sales tax is ignored in this item.