3. Counselors of Tucker purchased equipment on January 1, 2017, for $35,500. Counselors of Tucker expected the equipment to last for seven years and have a residual value of $500. Suppose Counselors of Tucker sold the equipment for $19,000 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 $ 19,000 Market value of assets received Less: Book value of asset disposed of 35,500 Cost 34250 (1250) Less: Accumulated Depreciation (15250 (Loss) Gain or