For each of the following situations, calculate any gain or loss that would arise on the sale of the asset and prepare the journal entries that would be required at the time of the sale. Assume that in each case the assets were depreciated on a straight-line basis and that a full year's depreciation was expensed in the year the asset was acquired. All saletrans actions occur in the fiscal year ended December 31, 2017.

a. Equipment purchased in 2012 for $100,000 is sold on June 30, 2017 for $37,000. When the equipment was acquired it was estimated to have a 10-year life and residual value of $8,000.

b. A building purchased in 2003 for $5,000,000 is sold on March 31, 2017 for $7,500,000. When the building was purchased, it was estimated to have a 25-year life and a residual value of $1,000,000.

c. A delivery van purchased in 2015 for $60,000 is sold on December 31, 2017 for $30,000. When the van was purchased, it was estimated to have a five-year life and a residual value of $10,000.