es A company purchased a tractor at a cost of $31,000 and sold it three years later for $16,700. The company recorded depreciation using the straight-line method, a five-year service life, and a $4,000 residual value. Tractors are included in the Equipment account. Required: 1. Record the sale. 2. Assume the tractor was sold for $10,900 instead of $16,700. Record the sale.

A company purchased a tractor at a cost of $31,000 and sold it three years later for $16,700. The company recorded depreciation using the stralght-fine method, a five-year service life, and a $4,000 residual value. Tractors are included in the Equipment account. Required: 1. Record the sale. 2. Assume the tractor was sold for $10,900 instead of $16,700. Record the sale. Note: Enter debits before credits. Note: Enter debits before credits