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Extract from balance sheets at 30 June: 2017 2016 820000 700000 Equipment Accumulated depreciation 400000 340000 Equipment net 420000 360000 Additional information i Purchased additional

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Extract from balance sheets at 30 June: 2017 2016 820000 700000 Equipment Accumulated depreciation 400000 340000 Equipment net 420000 360000 Additional information i Purchased additional equipment for $200 000 ii Proceeds from the sale of equipment was $60000 with a gain on sale of $20000. Prepare the journal entry for the sale of equipment

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