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 $31,000 and sold it three years later for $16,700. Faucet recorded depreciation using the straight-line method, a five-year service life, and a $4,000 residual value. Tractors are included in the Equipment account. Exercise 7-17 (Algo) Part 1 Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" he first account field.) Journal entry worksheet Record the sale of tractor: 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 $31,000 and sold it three years later for $16,700. Faucet recorded depreciation using the straight-line method, a five-year service life, and a $4,000 residual value. Tractors are included in the Equipment account. Exercise 7-17 (Algo) Part 2 2. Assume the tractor was sold for $10,900 instead of $16,700. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)