Requirement 3. Prepare the journal entry for the sale of property and equipment during 2020. Describe the effect of this transaction on the financial statements. Compare the sales price and the carrying amount in the journal entry, and compare this to the difference you calculated in Requirement 2. Describe briefly. (Enter amounts in millions as provided in the problem statement. Record debits first, then credits. Exclude explanations from any Journal entries.) Begin by preparing the joumal entry for the sale of property and equipment during 2020. 0 Property and equipment data Journal Entry Date Accounts Debit Credit From the balance sheets: 12/31/19 $ Properly and equipment Accumulated depreciation 12/31/20 24,360 $ (17,230) 22,840 (15,840) Choose from any list or enter any number in the input fields and then click Check Answer ? 4 parts From the investing activities section of the 2020 cash flow statement: Cash used to purchase property and equipment $ (2.280) Proceeds from sale of property and equipment 62 From the 2020 income statement Depreciation expense $ 1,710 Gain or loss on the sale of equipment 72 Check Answer remaining Print Done