Strawberry Fields purchased a tractor at a cost of $40,000 and sold it two years later for $26,400. 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 24 2. Record the sale (if no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first accc field.) View transaction list Journal entry worksheet 1 Record the sale