Brown's Salvage Company purchased equipment on January $1,2024,$ for $$47,988.$ Suppose Brown's Salvage Company sold the equipment for $$35,000$ on December $31,2025.$ Accumulated pepreciation as of December $31,2025,$ was $$17,450.$ 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

Less: Book value of asset disposed of

Cost

Less: Accumulated Depreciation

$$

$$

Sain or $($Loss$)$

$$

$$