Required information [The following information applies to the questions displayed below.) Abbott Landscaping purchased a tractor at a cost of $43,000 and sold it three years later for $20,000. 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. 2. Assume the tractor was sold for $16,000 instead of $20,000. 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 lit Journal entry worksheet > 1 Record the sale of equipment. Note: Enter debits before credits aces Debit General Journal Transaction Credit