! Required information Exercise 7-17A Record the sale of equipment (L07-6) [The following information applies to the questions displayed below.] Abbott Landscaping purchased a tractor at a cost of $27,000 and sold it three years later for $14,400. Abbott 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. Exercise 7-17A Part 2 2. Assume the tractor was sold for $9,400 Instead of $14,400. Record the sale. (if no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)