3. Counselors of Tucker purchased equipment on January 1, 2023, for $46,500. Counselors of Tucker expected...

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3. Counselors of Tucker purchased equipment on January 1, 2023, for $46,500. Counselors of Tucker expected the equipment to last for five years and have a residual value of $1,500. Suppose Counselors of Tucker sold the equipment for $21,500 on December 31, 2025, after using the equipment for three full years. Assume depreciation for 2025 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) Now, journalize the sale of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) 3. Counselors of Tucker purchased equipment on January 1, 2023, for $46,500. Counselors of Tucker expected the equipment to last for five years and have a residual value of $1,500. Suppose Counselors of Tucker sold the equipment for $21,500 on December 31, 2025, after using the equipment for three full years. Assume depreciation for 2025 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) Now, journalize the sale of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)