* 3. Counselors of Douglasville purchased equipment on January 1, 2017, for $38,500. Counselors of Douglasville...

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* 3. Counselors of Douglasville purchased equipment on January 1, 2017, for $38,500. Counselors of Douglasville expected the equipment to last for four years and have a residual value of $2,500. Suppose Counselors of Douglasville 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) Now, journalize the sale of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Date Debit Credit Dec. 31 * 3. Counselors of Douglasville purchased equipment on January 1, 2017, for $38,500. Counselors of Douglasville expected the equipment to last for four years and have a residual value of $2,500. Suppose Counselors of Douglasville 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) Now, journalize the sale of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Date Debit Credit Dec. 31