c$.$ Assuming that the equipment was sold on January $3$ of Year $4$ for $$197,900,$ journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.

January $3$

Accumulated Depreciation$-$Equipment $$

Loss on Sale of Equipment $$

Equipment $$

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Compare the book value amount to the sale price. If the book value is less than the sale price, the asset was sold for a gain. If the book value is more than the sale price, the equipment was sold for a loss.

d$.$ Assuming that the equipment had been sold on January $3$ of Year $4$ for $$212,500$ instead of $$197,900,$ journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.

January $3$

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