AM & admin Strawberry Fields purchased a tractor at a cost of $38,000 and sold it two years lator for $24,700 Srawberry Fileids econded depreciation using the straight-line method, five-year service life, and an $8,000 residual value 1. What was the gain or loss on the sale 2. Record the sale or no entry is required for a transactionlevent, select 0 journal entry required" in the first account feld, View transaction i View journal 28 4 0