Apex Communication purchased equipment on January 1, 2025, for $39,000. Suppose Apex Communication sold the equipment for $29,000 on December 31, 2027. Accumulated Depreciation as of December 31, 2027, was $18,000. Journalize the sale of the equipment, assuming straight-line depreciation was used. First, calculate any gain or loss on the disposal of the equipment. Fair value of assets received Less: Book value of asset disposed of Cost Less: Accumulated Depreciation Gain or (Loss) 39000 ... 29000 Now, journalize the sale of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Check your spelling carefully and do not abbreviate.) Date Accounts and Explanation Dec. 31, 2027 Debit Credit

Apex Communication purchased equipment on January 1,2025 , for $39,000. Suppose Apex Communication sold the equipment for $29,000 on December 31,2027 . Accumulated Depreciation as of December 31,2027 , was $18,000. Journalize the sale of the equipment, assuming straight-line depreciation was used. First, calculate any gain or loss on the disposal of the equipment. Now, journalize the sale of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Check your spelling carefully and do not abbreviate.)