Caterpillar Corp sold manufacturing equipment for $26,000. Caterpillar Corp originally purchased the equipment for $90,000, and depreciation through the date of sale totaled $76,000.

Was there a gain or loss? Answer = _______yes____________(1pts)

What was the amount of the gain or loss on the sale of the equipment? Answer = ____$14,000____(2pts)

Prepare the journal entry for the sale of the equipment. (3pts) ?????