3.Asset Disposal.

Funseth Farms Inc. purchased a tractor in 2015 at a cost of

$40,000. The tractor was sold in 2019 and at that time accumulated

depreciation through the date of sale was $32,000

a. Prepare the journal entry for this sale assuming the tractor was sold

for $5,000

b. Prepare the journal entry for this sale assuming the tractor was sold

for $10,000