Strawberry Fields purchased a tractor at a cost of $36,000 and sold it two years later for $23,300. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $8,000 residual value.

1. What was the gain or loss on the sale?

2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.

Strawberry Fields purchased a tractor at a cost of $36.000 and sold it two years later for $23,300. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $8,000 residual value. 1. What was the gain or loss on the sale? on sale 2. 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 list Journal entry worksheet Record the sale. Note: Enter debits before credits Transaction Debit Credit General Journal Cash Accumulated Depreciation Loss Record entry Clear entry View general Journal