Peacock Company purchased equipment on January $1,2024,$ for $$38,000.$ Suppose Peacock Company sold the equipment for $$11,000$ on December $31,2025$ Accumulated Depreciation as of December $31,2025,$ was $$13,000$ Journalize the sale of the equipment, assuming straight$-$ine depreciation was used

First, calculate any gain or loss on the sale of the equipment $($Enter a loss with a minus sign or parentheses$)$

Market value of assets received

Less: Book value of assel disposed of

Cost

Less Accumulated Depreciation

Gain or $($Loss$)$

Now, journalize the sale of the equipment $($Record debits first, then credits Select the explanation on the last line of the joumal entry table.$)$