3. Counselors of Griffin purchased equipment on January 1, 2017, for $70,500. Counselors of Griffin expected the equipment to last for seven years and have a residual value of $500. Suppose Counselors of Griffin sold the equipment for $23,000 on December 31, 2021, after using the equipment for five full years. Assume depreciation for 2021 has been recorded. Joumalize the sale of the equipment, assuming straight-line depreciation was used. First, calculate any gain or loss on the disposal of the equipment. 23000 Market value of assets received Less: Book value of asset disposed of Cost Less: Accumulated Depreciation 70500 Gain or (Loss) number in the edit fields and then click Check