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(5 Points) On January 1, Year 1, Sheffield Corporation purchased equipment for $100,000. Sheffield used the straight-line method of depreciation with a $12,000 salvage value and a useful life of 5-year. On January 1, Year 3 sold this equipment for $70,000. 2. Calculate the gain or loss Sheffield should recognize from this sale. Prepare the journal entry to record the sale a. b. b. oints) On January 1, Year 1, Gordon Corporation issued bonds with a face value of $70,000, a stated rate of interest of 6% and a 5-year term to maturity. The bonds 3. (5 P