ABC Catering Service purchased equipment on January 1, 2024, for $16,357. Suppose ABC Catering Service sold the equipment for $12,000 on December 31, 2025. Accumulated Depreciation as of December 31, 2025, was $5,948. 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) 5948 12000