Faucet Landscaping purchased a tractor at a cost of $$43,000$ and sold it three years later for $$20,000.$ Faucet recorded depreciation using the straight$-$line method, a five$-$year service life, and a $$3,000$ residual value. Tractors are included in the Equipment account.

Exercise $7-17($Algo$)$ Part $1$

Required:

$1.$ Record the sale. $($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$