Strawberry Fields purchased a tractor at a cost of $40,000 and sold it two years later for $27,100. 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? S4,100 28.02 Loss 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 View journal entry worksheet No Transaction General Journal Credit 1 1 Cash Accumulated Depreciation LOSS Debit 27,100 36,400 4,100