Points: $0$ of $5$

Brown's Salvage Company purchased equipment on January $1,2024,$ for $$35,481.$ Suppose Brown's Salvage Company sold the equipment for $$26,000$ on December $31,2025.$ Accumulated Depreciation as of December $31,2025,$ was $$12,902.$ Journalize the sale of the equipment, assuming straight$-$line depreciation was used.

First, calculate any gain or loss on the disposal of the equipment.

Market value of assets received

Less: Book value of asset disposed of

Cost

Less: Accumulated Depreciation

Gain or $($Loss$)$