Global Positioning Net purchased equipment on January 1, 2016, for $36,000. Suppose Global Positioning Net sold the equipment for $26,000 on December 31, 2017. Accumulated Depreciation as of December 31, 2017, was $16,000. Journalize the sale of the equipment, assuming straight-line depreciation was used.

First, calculate any gain or loss on the disposal of the equipment.

Market value of assets received
Less: Book value of asset disposed of
Cost
Less: Accumulated Depreciation
Gain or (Loss)