Item $3$: On January $1,2020,$ Entity C purchased a used vehicle at a cost of $$28,000.$ Entity A depreciated it using the straight$-$line method using a $4-$year service life and a salvage value of $$4,000.$ Unable to sell it$,$ on January $1,2024,$ Entity C retired and scrapped the vehicle. Make the entry to record the January $1,2024$ transaction. Hint: Compute book value at time of disposal and then gain $($loss$).$ Show your work.