K 3. Counselors of Cartersville purchased equipment on January 1, 2023, for $65,500 Counselors of Cartersville expected the equipment to last for wight years and have a residual value of $1,500 Suppose Counselors of Cartersvite sold the equipment for $44,000 on December 31, 2025, after using the equipment for three full years. Assume depreciation for 2025 has been recorded 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 deposed of Cost Lass: Accumulated Depreciation Gain or (Loss) Now, joumalize the sale of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Dec. 31 Accounts and Explanation Debit Credit