Apex Communication purchased equipment on January 1, 2024, for $31,840. Suppose Apex Communication sold the equipment for $23,000 on December 31, 2025, Accumulated Depreciation as of December 31, 2025, was $11,578. 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)