Micron Precision purchased equipment on January 1, 2016, for $22,500. Suppose Micron Precision sold the equipment for $16,000 on December 31, 2018. Accumulated Depreciation as of December 31, 2018, was $15,000 Journalize the sale of the equipment, assuming straight-line depreciation was used First, calculate any gain or loss on the disposal of the equipment. Market value of assets received Less Book value of asset disposed of Cost Less Accumulated Depreciation Gain or (Loss) Now, journalize the sale of the equipment (Record debits fest, then credits Select the explanation on the last ine of the journal entry table) Date Dec 31 Accounts and Explanation Debit Credit