Points: 0.71 of 2 Save 3. Counselors of Atlanta purchased equipment on January 1, 2023, for $20.000 Counselors of Adants expected the equipment to last for four years and have a real value of $2,000 Suppose Counselors of Abants sold the equipment for $8,000 on December 31, 2025, after using the equipment for three full years. Assume depreciation for 2025 has been conded. Joumalize the sale of the equipment, assuming straight-ane depreciation was used First, calculate any gain or loss on the disposal of the equipment Market value of assets received 8,000 Less Book value of asset disposed of Cost 120,000 Less Accumulated Depreciation 6.500 1.500 Cain or (Loss) Now journalize the sale of the equipment (Record debits first, then credits. Select the explanation on the last line of the joumal entry table) Date Accounts and Explanation Accumulated Depreciation-Equipment Dec 31 Cash Gain on Disposal Equipment Debit Credit 8000 13000 1600 20000 Etext Discarded equipment with a book value. Discarded fully depreciated equipment. Sold equipment for cash. To record depreciation on equipment. Clear all Final check