Exam ill chapters 7,8/9 1 A company purchased a piece of farm equipment at a cost of $39,000 and sold it two years later for $25,400. Assume that depreciation is calculated using the straight-line method, a five-year service life, and an $7,000 residual value. 1. What was the gain or loss on the sale? 10 ponts 20 2. Record the sale. Of no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field) Journal entry worksheet Record the s Help Save & Exit Submit