perfection ceramics purchased equipment used in the business three years ago for 48,000. They accumulated depreciation account related to the equipment asset account had a balance of $17,250. The equipment had a estimated salvage (residual) value of $2,000 and had and estimated life of eight years. A full years depreciation was taken the first year. Perfection uses the straight-line depreciation method. all depreciation is usually recorded at year-end. The company sold the equipment in exchange for a promissory note on July 1 of the fourth year for $21,000. Record the appropriate entries necessary?