Abbott Landscaping purchased a tractor at a cost of $35.000 and sold it three years later for $17,500. Abbott recorded depreciation using the straight-line method, a five year service life, and a $2,000 residual value: Tractors are included in the Equipment account References Section Break Exercise 7-17 Record the sale of equipment (L07-6) 5. Required informon value 0.60 points Exercise 7-17 Part 1 Required: 1. Record the sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet Debit Credit Transaction No 1 1 19,800 17,500 General Journal Accumulated depreciation Cash Gain Equipment 2,300 35,000 2. Assume the tractor was sold for $10,900 instead of $17,500. Record the sale. (if no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 1 Record the sal Service revenue Supplies Supplies expense Trademarks Utilities expense Note: Enter debits Debit Credit Transaction 1 Bew View general Journal Record entry Clear entry MacBook