Apex Communication purchased equipment on January 1, 2018, for $12,497. Suppose Apex Communication sold the equipment for $9,000 on December 31, 2020. Accumulated Depreciation as of December 31, 2020, was $5,331. Joumalize 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) 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 Discarded equipment with a book value. Discarded fully depreciated equipment. Sold equipment for cash. To record depreciation on equipment, 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 Accumulated DepreciationEquipment Book value Cash Depreciation Expense-Equipment Equipment Gain on Disposal Loss on Disposal Maintenance Expenses