Alpha Communication purchased equipment on January 1, 2016, for $27,500. Suppose Alpha Communication sold the equipment for $20,000 on December 31, 2020. Accumulated Depreciation as of December 31, 2020, was $10,000. 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 S 20,000 Less: Book value of asset disposed of Cost $ 27,500 Less: Accumulated Depreciation (10,000) 17.500 2.500 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.) Date Accounts and Explanation Debit Credit Dec, 31