On September 30, 2020, the company sold old delivery equipment for $12,500. The delivery equipment was purchased on January 1, 2018, for $24,000 and was estimated to have a $3,000 residual value at the end of its 7-year life. Depreciation on the delivery equipment has been recorded through December 31, 2019. Prepare the journal entry to record the disposal of the delivery equipment given that the company uses the straight-line method of depreciation