Counselors of Mableton purchased equipment on January 1, 2015, for $ 44, 000 . Counselors of Mableton expected the equipment to last for five years and have a residual value of

$ 4,000 . Suppose Counselors of Mableton sold the equipment for $ 29,600 on December 31, 2016 after using the equipment for two full years. Assume depreciation for 2016

has been recorded. Journalize the sale of the equipment, assuming straight-line depreciation was used.

Market value of asset recieve ________ ;

Less: Book Value of asset disposed of ________;

cost ________;

Less: Accumulated Depreciation _______ _______

Gain or (Loss) _______