Freeman Landscaping purchased a tractor at a cost of $$34,000$ and sold it three years later for $$16,700.$ Freeman accounted for

depreciation using the straight$-$line method, a five$-$year service life, and a $$1,500$ 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 $$10,300$ instead of $$16,700.$ Determine the financial statement effects of the sale.

Complete this question by entering your answers in the tabs below.

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

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