3. Counselors of Roswell purchased equipment on January 1, 2015, for $32,500. Counselors of Roswell expected the equipment to last for five years and have a residual value of $2,500. Suppose Counselors of Roswell sold the equipment for $21,800 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 en .ng First, calculate any gain or loss on the disposal of the equipment out edt hifid Market value of assets received Less: Book value of asset disposed of mer Cost sign mer Less: Accumulated Depreciation Gain or (Loss) Now, journalize 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 tmen ontrol tmer Dec. 31 ch of stmen ve ads