Required information Exercise 7-17 (Algo) Record the sale of equipment (LO7-6) [The following information applies to the questions displayed below.] Freeman Landscaping purchased a tractor at a cost of $29,000 and sold it three years later for $15,700. Freeman 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. xercise 7-17 (Algo) Part 2 . Assume the tractor was sold for $10,300 instead of $15,700. Record the sale. (If no entry is required for a particular ransaction/event, select "No Journal Entry Required" in the first account field.)