Strawberry Fields purchased a tractor at a cost of $37,000 and sold it two years later for $24,000. Strawberry Flelds recorded depreciation using the straight-line method, a five-year service life, and an $7,000 residual value. 1. What was the gain or loss on the sale? Gain on sale The Bomb Pop Corporation sold ice cream equipment for $16,100. The equipment was originally purchased for $36.000, and depreciation through the date of sale totaled $23,000. 1. What was the gain or loss on the sale of the equipment? on sale