A company purchased a piece of farm equipment at a cost of $37,000 and sold it two years later for $24,100. Assume that depreciation is calculated using the straightline method, a five-year service life, and an $7,000 residual value, 1. What was the gain or loss on the sale? on sale 2. Record the sale. (if no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction et Journal entry worksheet 2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first accoun field.) View transaction list Journal entry worksheet Record the sale Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal