3. Counselors of Griffin purchased equipment on January 1, 2017, for $59,500. Counselors of Griffin expected the equipment to last for six years and have a residual value of $2,500. Suppose Counselors of Griffin sold the equipment for $22,800 on December 31, 2020, after using the equipment for four full years. Assume depreciation for 2020 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)