Oliver Ltd. purchased high-tech equipment for $25,000 on July 1, 2019. The expected useful life of the equipment is 5 years with a residual value of $1,000. On December 31, 2020, the machine was sold for $16,000 in cash. Oliver Ltd. uses the straight-line method to depreciate the equipment. Required: Complete the missing parts of the journal entry below to show either a gain or a loss arising from the sale of the equipment on December 31, 2020. (3 marks) Instructions: expense Only use the following accounts (use the exact wording) accumulated cash depreciation depreciation equipment at gain on sale of loss on sale of cost asset asset purchases sales When recording journal entries, always present debit first then credits. Where more than one item is listed together, put in alphabetical order e.g. if 2 debit entries (cash and purchases), provide the Dr to cash first followed by the Dr to purchases If a cell does not require an amount, type in O (Do not leave a cell empty). When entering amounts, use numbers only - no spaces, no dollar signs, no full stops, no dots, no decimal separators, no symbols, no special characters, e.g. enter $2,000 as 2000 Debit $ Credit $ Date Account Dec 31 cash depreciation equipment at gain on sale of loss on sale of cost asset asset purchases sales When recording journal entries, always present debit first then credits. Where more than one item is listed together, put in alphabetical order e.g. if 2 debit entries (cash and purchases), provide the Dr to cash first followed by the Dr to purchases If a cell does not require an amount type in O (Do not leave a cell empty). When entering amounts, use numbers only - no spaces, no dollar signs, no full stops, no dots, no decimal separators, no symbols, no special characters, e.g. enter $2,000 as 2000 Date Account Debit $ Credit $ Dec 31 cash