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Required information

$[$The following information applies to the questions displayed below.$]$

Freeman Landscaping purchased a tractor at a cost of $$37,000$ and sold it three years later for $$18,800.$ Freeman recorded depreciation using the straight$-$line method, a five$-$year service life, and a $$2,500$ residual value. Tractors are included in the Equipment account.

$2.$ Assume the tractor was sold for $$11,800$ instead of $$18,800.$ Record the sale. $($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

$1$

Note: Enter debjts before credits.

General Journal

Debit