3. Counselors of Tucker purchased equipment on January 1, 2017 for $52,000. Counselors of Tucker expected the equipment to last for eight years and have a residual value of $4,000. Suppose Counselors of Tucker sold the equipment for $42,000 on December 31, 2018, after using the equipment for two full years. Assume depreciation for 2018 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. 42000 Market value of assets received Less: Book value of asset disposed of Cost 52000 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 joumal entry table.) Date Accounts and Explanation Debit Credit Dec. 31