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Mercury Incorporated purchased equipment in 2022 at a cost of $207.000. The equipment was expected to produce 570.000 units over the next five years and have a residual value of $36,000. The equipment was sold for $106,600 part way through 2024 . Actual production in each year was: 2022=82.000 units; 2023=130,000 units; 2024=66.000 units. Mercury uses units-of-production depreciation, and all depreciation has been recorded through the disposal date. Required: 1. Calculate the gain or loss on the sale. 2. Prepare the journal entry to record the sale. 3. Assuming that the equipment was instead sold for $138,600, calculate the gain or loss on the sale. 4. Prepare the journal entry to record the sale in requirement 3 . Complete this question by entering your answers in the tabs below. Calculate the gain or loss on the sale. Note: Do not round intermediate calculations. Prepare the journal entry to record the sale. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Journal entry worksheet feate: fnter devits before credits. Mercury Incorporated purchased equipment in 2022 at a cost of $207,000. The equipment was expected to produce 570,000 units over the next five years and have a residual value of $36,000. The equipment was sold for $106,600 part way through 2024 . Actual production in each year was: 2022=82,000 units; 2023=130,000 units; 2024=66,000 units. Mercury uses units-of-production depreclation, and all depreciation has been recorded through the disposal date. Required: 1. Calculate the gain or loss on the sale. 2. Prepare the journal entry to record the sale. 3. Assuming that the equipment was instead sold for $138,600, calculate the gain or loss on the sale. 4. Prepare the journal entry to record the sale in requirement 3 . Complete this question by entering your answers in the tabs below. Assuming that the equipment was instead sold for $138,600, calculate the gain or loss on the sale, Note: Do not round intermediate calculations. Prepare the journal entry to record the sale in requirement 3 . Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Journal entry worksheet