Exercise 7-17A Record the sale of equipment (LO7-6)

[The following information applies to the questions displayed below.]

Abbott Landscaping purchased a tractor at a cost of $38,000 and sold it three years later for $19,300. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $2,500 residual value. Tractors are included in the Equipment account.

Exercise 7-17A Part 2

2. Assume the tractor was sold for $12,100 instead of $19,300. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)