Faucet Landscaping purchased a tractor at a cost of $$28,000$ and sold it three years later for $$14,900.$ Faucet accounted for

depreciation using the straight$-$line method, a five$-$year service life, and a $$3,500$ residual value. Tractors are included in the

Equipment account.

Required:

Determine the financial statement effects of the sale of the tractor.

Assume the tractor was sold for $$9,700$ instead of $$14,900.$ Determine the financial statement effects of the sale.

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Assume the tractor was sold for $$9,700$ instead of $$14,900.$ Determine the financial statement effects of the sale.

Note: Amounts to be deducted should be indicated by a minus sign.