3. Counselors of Cartersville purchased equipment on January 1, 2017, for $41,000. Counselors of Cartersville expected the equipment to last for four years and have a residual value of $3,000. Suppose Counselors of Cartersville sold the equipment for $13,700 on December 31, 2019, after using the equipment for three full years. Assume depreciation for 2019 has been recorded. Journalize the sale of the equipment, assuming straight-line depreciation was used First, calculate any gain or loss on the disposal of the equipment. Market value of assets received Less: Book value of asset disposed of Cost Less: Accumulated Depreciation Gain or (Loss)