Required information Exercise 7-17A Record the sale of equipment (LO7-6) (The following information applies to the questions displayed below.] Abbott Landscaping purchased a tractor at a cost of $42,000 and sold it three years later for $21,600. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,000 residual value. Tractors are included in the Equipment account. Exercise 7-17A Part 1 Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 1 Cash 21,600 Accumulated Depreciation Equipment 42,000 3,000 Gain