3. Counselors of Griffin purchased equipment on January 1, 2015, for $58,000. Counselors of Griffin expected the equipment to last for six years and have a residual value of $4,000. Suppose Counselors of Griffin sold the equipment for $4 on December 31, 2016, after using the equipment for two full years. Assume depreciation for 2016 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) 3. Counselors of Griffin purchased equipment on January 1, 2015, for $58,000. Counselors of Griffin expected the equipment to last for six years and have a residual value of $4,000. Suppose Counselors of Griffin sold the equipment for $4 on December 31, 2016, after using the equipment for two full years. Assume depreciation for 2016 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)