Required information [The following information applies to the questions displayed below.] Freeman Landscaping purchased a tractor at a cost of $40,000 and sold it three years later for $20,300. 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. Assume the tractor was sold for $12,700 instead of $20,300. Record the sale. (If no entry is required for a particular ransaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits