Mercury incorporated purchased equipment in 2022 at a cost of $143,000. The equipment was expected to produce 370,000 units over the next five years and have a residual value of $32,000. The equipment was sold for $71,900 part way through 2024 . Actual production in each year was: 2022=52,000 units, 2023=83,000 units, 2024=42,000 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 wos insteod sold for $108,900, calculate the gain or loss on the sale. 4. Prepare the journal entry to record the sale in requirement 3