Micron Precision purchased equipment on January 1, 2018, for $42,834. Suppose Micron Precision sold the equipment for $31,000 on December 31, 2020 Accumulated Depreciation as of December 31, 2020, was $23,364 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) C