Strawberry Fields purchased a tractor at a cost of $38,000 and sold it two years later for $24,500. Strawberry Fields 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? 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 < 1 Record the sale. Note: Enter debits before credits. Transaction 1 Cash General Journal Debit Credit 24,700 Accumulated Depreciation Loss Equipment 12,400 900 38,000 View general journal Record entry Clear entry >