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.)