3. Counselors of Savannah purchased equipment on January 1, 2023, for $43,500. Counselors of Savannah expected the equipment to last for five years and have a residual value of $3,500. Suppose Counselors of Savannah sold the equipment for $13,500 on December 31, 2026, after using the equipment for four full years. Assume depreciation for 2026 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) 43500 Now, journalize the sale of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)