he following information applies to the questions displayed below.] Abbott Landscaping purchased a tractor at a cost of $43,000 and sold it three years later for $20,000. Abbott 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 7-17A 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.)