Duck Pond Golf Club purchased equipment on January 1, 2018, for $40,777. Suppose Duck Pond Golf Club sold the equipment for $30,000 on December 31, 2020. Accumulated Depreciation as of December 31, 2020, was $22,242. Journalize the sale of the equipment, assuming straight-line depreciation was used. First, calculate any gain or loss on the disposal of the equipment. $ 30,000 Market value of assets received Less: Book value of asset disposed of Cost Less: Accumulated Depreciation Gain or (Loss) $ 40,777 (22,242) 18,535 11,465 $ Now, journalize the sale of the equipment (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Choose from any list or enter any number in the input fields and then click Check Answer All parts showing Clear All Check Answer O Type here to search