3. Counselors of Mableton purchased equipment on January 1, 2017 for $34,000. Counselors of Mableton expected the equipment to last for five years and have a residual value of $1,500. Suppose Counselors of Mableton sold the equipment for $11,000 on December 31, 2020, after using the equipment for four fu 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)