Strawberry Fields purchased a tractor at a cost of $38,000 and sold it two years later for $25,700. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $9,000 residual value. 1. What was the gain or loss on the sale? Gain on sale 25 points (8 058:24 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 View journal entry worksheet Transaction General Journal Credit No 1 Debit 25,700 Cash Accumulated Depreciation Equipment 000