CD Warehouse purchased equipment on January 1, 2018, for $45,991. Suppose CD Warehouse sold the equipment for $33,000 on December 31, 2020. Accumulated Depreciation as of December 31, 2020, was $25,086. 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 Gain or (Loss)