Abbott Landscaping purchased a tractor at a cost of $40,000 and sold it three years later for $20,300. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $2,500 residual value. Tractors are included in the Equipment account. References Section Break Exercise 7-17 Record the sale of equipment (LO7-6) value: 0.62 points Required information 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 No Transaction General Journal Debit Credit Cash Accumulated depreciation Equipment Gain