Mercury Inc. purchased equipment in 2019 at a cost of $383,000. The equipment was expected to produce 490,000 units over the next five years and have a residual value of $40,000. The equipment was sold for $209,400 part way through 2021. Actual production in each year was, 2019 = 70,000 units, 2020 - 112,000 units, 2021-56,000 units, Mercury uses units of production depreciation, and all depreciation has been recorded through the disposal date. Required: 1. Calculate the gain or loss on the sale. 2. Prepare the journal entry to record the sale. 3. Assuming that the equipment was instead sold for $230,400, calculate the gain or loss on the sale. 4. Prepare the journal entry to record the sale in requirement 3 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4