Peacock Company purchased equipment on January 1, 2019, for 12.000 Suppose Peacock Company sold the equipment for S7,000 on December 31, 2020. Accumulated amortization as of December 31, 2020, was $21.000 Journakre the sale of the equipment, assuming straight line amortization was used First, cakulate any gain or loss on the sale of the equipment (Enter a loss with a minus sign of parentheses) Market value of assets received 7000 Less Book value of asset disposed of Cost 42000 Less: Accumulated Amortization 21000 (21000) Gain or (03) - 14000 Now, journalize the sale of the equipment (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec 31 7000 Accumulated Amortization Equipment 21000 Equipment 42000 Loss on Disposal Choose from any list or enter any number in the input fields and then continue to the next question 848 AM ENG