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Pharoah Company has delivery equipment that cost $49,800 and has been depreciated $23,000. Prepare a tabular summary to record the disposal under the following assumptions, Your answer is partially correct. It was sold for $37,500. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Cash + Equipment Accum. Depr.- Equip. Bal. $ -37500 $ 49800 23000 0 It was sold for $37.500. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) In front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) - Liabilities - Stockholders' Equity Retained Earnings + Revenue Common Stock Expense DI $ 0 $ 0 $ 0 $ 0 10700 It was sold for $37.500. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Retained Earnings + Revenue Expense Dividend 0 0 $ 0 10700 0 0 Gain on disposal