Toth's architech purchased a color plotter for $5,000 in January 2006. The plotter was expected to last for 5 years with a $500 salvage value. Toth uses the double-declining balance method to depreciate the plotter.
Toth chose to upgrade to a premium model in January 2007 and sold the old plotter to dunn drafting for $2,500.
Prepare the journal entry recording for this sale of old plotter.