Micron Precision purchased equipment on January $1$;$2025,$ for $$43,000.$ Suppose Micron Precision sold the equipment for $$31,000$ on December $31,2027.$ Accumulated Depreciation as of December $31,2027,$ was $$20,000.$ Journalize the sale of the equipment, assuming straight$-$line depreciation was used.

First, calculate any gain or loss on the disposal of the equipment.

Fair value of assets received

Less: Book value of asset disposed of

Cost

Less: Accumulated Depreciation

Gain or $($Loss$)$