Counselors of atlanta purchased equipment on janurary 1, 2023 for $23,000. The except the equpment to last for four years and have a residual value of $2,000. Suppose couselors of Atlanta sold fhe equent for $8,000 on December 31, 2025 after using the equpment for 3 full years. Assume depreciation for 2025 has been recorded. 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) Now, journalize the sale of the equipment (Record debits first, then credits Select the explanation on the last line of the journal entry table.) Accounts and Explanation Debit Date Credit Dec 31