3. Counselors of Milton purchased equipment on January 1, 2017, for $63,500. Counselors of Milton expected the equipment to last for seven years and have a residual value of $4,000. Suppose Counselors of Milton sold the equipment for $30,700 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) Now, joumalize the sale of the equipment.(Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later