Question:The balance sheets of Tully Corp. showed the following at December 31, 2017, and 2016: Equipment, less accumulated depreciation of $98,200 at December 31, 2017, and $61,375 at December 31, 2016.

December 31, 2017

$71,800

December 31, 2016

$108,625

1.Assume that the equipment is sold on December 31, 2017, for $59,400. Prepare the horizontal model for sale of the equipment.(Use amounts with + for increases and amounts with - for decreases.)