15 Accumulated depletion of oil reserve $ 177,625 16 19 GAIN/LOSS ON SALE OF ASSET Tulip Company purchased equipment for $58,000 on January 1, 2017. On December 31, 2019, the equipment was sold for $23,000. Accumulated Depreciation as of December 31, 2019 was 21 $32,000 Calculate gain or loss on the sale. Prepare the journal entry to record the sale of equipment No. JOURNAL ENTRIES Accounts DR CR Petty Cash Uncollectible Accounts Assets Bank Reconciliation Notes Receivable Depreci