S9-9 (similar to) Question Help Smith's Auto Yard purchased equipment on January 1, 2018, for $44,319. Suppose Smith's Auto Yard sold the equipment for $32,000 on December 31, 2019. Accumulated Depreciation as of December 31, 2019, was $16,116. Journalize the sale of the equipment, assuming straight-line depreciation was used. First, calculate any gain or loss on the disposal of the equipment. Market value of assets received Less: Book value of asset disposed of Cost Less: Accumulated Depreciation Gain or (Loss) Enter any number in the edit fields and then click Check Answer. 1 part remaining Clear All Check