Required information Exercise 7-17 (Algo) Record the sale of equipment (LO7-6) [The following information applies to the questions displayed below] Faucet Landscaping purchased a tractor at a cost of $25,000 and sold it three years later for $13,400. Faucet recorded depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account. ixercise 7-17 (Algo) Part 2 Assume the tractor was sold for $8,800 instead of $13,400. Record the sale. (If no entry is required for a particular tansaction/event, select "No Journal Entry Required" in the first account field.)