Lincoln Financial Field ("The Linc") purchased a lawn mower at a cost of $36,000 and sold it two years later for $26,000. The Linc recorded depreciation using the straight-line method, a five-year service life, and an $8,000 residual value.

1. What was the gain or loss on the sale?

2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Lincoln Financial Field (The Linc") purchased a lawn mower at a cost of $36.000 and told it two years later for $26,000. The Line recorded depreciation using the straight line method, a five-year service life, and an $8,000 residual value 1. What was the gain or loss on the sale? Los 5 1.200 On 2. Record the sale of no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction et Journal entry worksheet Record the sale Note Entfore che Transaction General Journal Credit Cash LOS Debat 20.000 1.200 Record entry Clear entry View anal journal