Duck Pond Golf Club purchased equipment on January 1, 2018, for $35,181. Suppose Duck Pond Golf Club sold the equipment for $25,000 on December 31, 2020. Accumulated Depreciation as of December 31, 2020, was $23,454. 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)