Funseth Farms Inc. purchased a tractor in 2015 at a cost of $46,800. The tractor was sold for $4,400 in 2018. Depreciation recorded through the disposal date totaled $40,000. Prepare the journal entry to record the sale. Now assuming that the tractor was sold for $14,200; prepare the journal entry to record the sale.

1. Record the sale of the tractor.

2. Record the sale of the tractor assuming the new sales price.