3. Counselors of Savannah purchased equipment on January 1, 2023, for $49,000. Counselors of Savannah expected the equipment to last for six years and have a residual value of $1,000. Suppose Counselors of Savannah sold the equipment for $12,500 on December 31, 2027, after using the equipment for five full years. Assume depreciation for 2027 has been recorded. Joumalize the sale of the equipment, assuming straight-line depreciation was used. Market value of assets received 12500 Less. Book value of asset disposed of Cost Less: Accumulated Depreciation Gain or (Loss)